Canadian Dollar and Business Outlook: Loonie inches lower
Crude eases back despite rising Middle East tensions
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar dipped Tuesday morning, as business resumed in all parts of the country after some provinces observed the National Day for Truth and Reconciliation.
As of 8:34 am CDT, the loonie was at US$0.7400 or US$1=C$1.3512 compared to Friday’s close of US$0.7408 or US$1=C$1.3499. On the U.S. Dollar Index, the greenback climbed 0.349 of a point at 100.870.
Benchmark crude oil prices stepped back Tuesday morning as lackluster global demand and greater supply outweighed rising Middle East tensions.
Brent crude oil lost 93 cents at US$70.77 per barrel and West Texas Intermediate pulled back 96 cents at US$67.21.
Shortly after Tuesday’s open the TSX/S&P Composite Index was down 63.88 points at 23,936.49.
Gold rose US$14.80 at US$2,674.20 per ounce.