Canadian Dollar and Business Outlook: Loonie lower with slightly stronger greenback
Gains in crude held by by growing U.S. stockpiles
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was pulling back on Wednesday morning, getting pressure from gains in the United States dollar.
As of 8:37 am CST, the loonie was at US$0.7369 or US$1=C$1.3573 compared to Tuesday’s close of US$0.7396 or C$1.3521. On the U.S. Dollar Index, the greenback added 0.151 of a point at 103.910.
Benchmark crude oil prices were modestly higher on Wednesday morning, bolstered by OPEC+ supply cuts but the increases were tempered by larger U.S. stockpiles.
Brent crude oil bumped up 39 cents at US$84.04 per barrel, while West Texas Intermediate tacked on 48 cents at US$79.35.
Shortly after Wednesday’s open the TSX/S&P Composite Index slipped 49.25 points at 21,269.65.
Gold dipped 50 cents at US2,043.60 per ounce.
