Canadian Dollar and Business Outlook: Loonie slipping

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar eased back on Monday morning, in the face of a still strong United States dollar.

As of 8:42 am CST, the loonie was at US$0.7014 or US$1=C$1.4257 compared to Friday’s close of US$0.7027 or US$1=C$1.4231. On the U.S. Dollar Index, the greenback nudged up 0.051 of a point at 106.735.

The federal government’s fall fiscal update was thrown into question Monday morning after Finance Minister Chrystia Freeland announced she’s resigning from cabinet.

Benchmark crude oil prices were slightly lower on Monday morning, after China reported consumer spending in November was up by only three per cent, well below analysts’ expectations of a 4.6 per cent increase.

Brent crude oil gave up 29 cents at US$74.20 per barrel and West Texas Intermediate slipped 26 cents at US$71.03.

Shortly after Monday’s open, the TSX/S&P Composite Index stepped back 45.91 points at 25,228.39.

Gold nudged up 80 cents at US$2,676.60 per ounce.