Canadian Dollar and Business Outlook: Loonie just short of 73 U.S. cents

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar was stronger on Monday morning as its United States counterpart slid back.

As of 8:37 am CDT, the loonie was at US$0.7298 or US$1=C$1.3702 compared to Friday’s close of US$0.7268 or US$1=C$1.3758. On the U.S. Dollar Index, the greenback dropped 0.414 of a point at 98.845.

Benchmark crude oil prices were stronger on Monday morning, as OPEC+ announced it won’t expand output in July by more than the 411,000 barrels per day the alliance agreed to on Saturday. Reuters said Saturday’s increase was already built into prices.

Brent crude oil gained US$2.65 at US$65.43 per barrel and West Texas Intermediate climbed US$2.75 at US$63.54.

Shortly after the TSX/S&P Composite Index opened, it added 114.99 points at 26,290.04.

Gold advanced US$62.20 at US$3,377.60 per ounce.