Canadian Dollar and Business Outlook: Loonie inches upward, crude oil lower

Glacier FarmMedia MarketsFarm – The Canadian dollar was a small step higher on Thursday morning.

The loonie was at US$0.7306 or US$1=C$1.3687 as of 8:40 a.m. CDT, compared to US$0.7299 or US$1=C$1.3700 on Wednesday. The United States Dollar Index was up 0.17 of a point at 104.79.

Crude oil prices were down as traders look towards United States stockpiles data and next week’s OPEC+ meeting. Brent crude oil dropped US$0.91 at US$82.69 per barrel. West Texas Intermediate (WTI) declined US$0.74 at US$78.49/barrel.

The TSX/S&P Composite Index gained 103.39 points at 22,001.37 as it looks to make up for Wednesday’s losses.

Gold added US$1.90 per ounce at US$2,366.00.