Canadian Dollar and Business Outlook: Loonie lower to start the week
U.S. greenback spikes
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar pulled back on Monday morning, pressured by a stronger United States dollar and getting little direction from global crude oil prices.
As of 8:34 am CST, the loonie was at US$7402 or US$=C$1.3509 compared to Friday’s close of US$0.7433 or C$1.3454.
On the U.S. Dollar Index, the greenback gained 0.449 of a point at 104.230.
Benchmark crude oil prices were a pinch higher on Monday morning, in a balance between the United States pressing its attacks on Houthi rebels and the pressure from the U.S. Federal Reserve rate freeze.
Brent crude oil nudged up 10 cents at US$77.43 per barrel, while West Texas Intermediate tacked on two cents at US$72.30.
Shortly after Monday’s open, the TSX/S&P Composite Index lost 126.31 points at 21,958.78.
Gold dropped US$21700 at US2,032.00 per ounce.
