Canadian Dollar and Business Outlook: Loonie lower, crude oil drops

Glacier FarmMedia MarketsFarm – The Canadian dollar showed some weakness on Tuesday.

The loonie was at US$0.7309 or US$1=C$1.3682 as of 8:35 a.m. CDT, compared to US$0.7319 or US$1=C$1.3664 on Monday. Statistics Canada reported on Tuesday that the country’s annual inflation rate fell to 2.7 per cent in June, mainly due to slower growth in gasoline prices.

The United States Dollar Index gained 0.28 of a point at 104.47.

Crude oil prices dropped due to weak Chinese economic data, European equity markets trading lower and a stronger U.S. dollar. Brent crude oil lost US$1.38 at US$83.47 per barrel. West Texas Intermediate (WTI) fell US$1.41 at US$80.50/barrel.

The TSX/S&P Composite Index advanced 50.80 points at 22,802.48 as it looks for another all-time high close.

Gold rose US$14.80 per ounce at US$2,443.70.