Canadian Dollar and Business Outlook: Loonie holding firm along with U.S. greenback
Francine, lower inventories give boost to crude oil
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was virtually unchanged on Wednesday morning given little movement in its United States counterpart and despite increases in crude oil.
As of 8:42 am CDT, the loonie was at US$0.7351 or US$1=C$1.3603 compared to Tuesday’s close of US$0.7353 or US$1=C$1.3599. On the U.S. Dollar Index, the greenback tacked on 0.090 of a point at 101.330.
Benchmark crude oil prices were regaining lost ground on Wednesday morning as the American Petroleum Institute reported a drop in U.S. inventories and rising concerns about Hurricane Francine affecting the country’s output.
Brent crude oil was up US$1.18 at US$70.37 per barrel and West Texas Intermediate added US$1.30 at US$67.05.
Shortly after Wednesday’s open the TSX/S&P Composite Index dipped 63.73 points at 22,939.63.
Gold gave up $10.00 at US$2,533.10 per ounce.
