Canadian Dollar and Business Outlook: Loonie holding firm
Greenback, crude balance each other off
By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar was relatively steady on Friday morning, with a small upticks in the United States dollar and in crude oil countering each other.
As of 8:44 am CDT, the loonie was at US$0.7327 or US$1=C$1.3650 compared to Thursday’s close of US$0.7331 or US$1=C$1.3640.
On the U.S. Dollar Index, the greenback rose 0.113 of a point at 96.875 points.
Benchmark crude oil prices were modestly higher on Friday morning, still riding stronger U.S. demand. However on the week, crude has forfeited about 12 per cent of its value as the Iran-Israel ceasefire continues to hold.
Brent crude oil added 42 cents at US$68.15 per barrel and West Texas Intermediate gained 57 cents at US$65.81.
Statistics Canada reported on Friday that the country’s real gross domestic product dipped 0.1 per cent April after nudging up 0.2 per cent in March.
The TSX/S&P Composite Index gave up 61.79 points shortly after at 26,690.16.
Gold dropped US$73.00 at US$3,275.00 per ounce.
