Canadian Dollar and Business Outlook: Loonie inches up

By Glen Hallick

Glacier Farm Media MarketsFarm – The Canadian dollar edged up on Friday morning, due to a slight loss in the United States dollar.

As of 8:31 am CDT, the loonie was at US$0.7340 or US$1=C$1.3622 compared to Friday’s close of US$0.7333 or US$1=C$1.3637. On the U.S. Dollar Index, the greenback slipped 0.137 of a point at 104.490.

The Canadian dollar’s path this week will be influenced by the Bank of Canada which is scheduled to make its interest rate announcement on Wednesday. Analysts predicted the central bank will cut its key lending rate.

Benchmark crude oil prices were a pinch lower on Monday morning, after OPEC+ announced the alliance would phase out its production cuts over the next year. Brent crude oil shed 46 cents at US$80.65 per barrel and West Texas Intermediate dipped 49 cents at US$76.50.

Shortly after Monday’s open the TSX/S&P Composite Index tacked on 43.01 points at 22,312.13.

Gold added US$8.60 at US$2,354.40 per ounce.