Canadian Dollar and Business Outlook: Loonie moves higher
Greenback slips as crude oil climbs upward
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar edged up on Tuesday morning, as its United States counterpart dropped back, and crude oil pushed upward.
As of 8:31 am CST, the loonie was at US$0.7127 or US$1=C$1.4028 compared to Monday’s close of US$0.7114 or US$1=C$1.4056. On the U.S. Dollar Index, the greenback gave up 0.283 of a point at 106.140.
Benchmark crude oil prices were on the rise Tuesday morning after reports said OPEC+ is poised to extend its output cuts to the end of March.
Brent crude oil climbed US$1.04 at US$72.87 per barrel and West Texas Intermediate advanced US$1.02 at US$69.12.
Shortly after Tuesday’s open, the TSX/S&P Composite Index added 101.52 points at 25,691.85.
Gold gained US$14.60 at US$2,673.10 per ounce.
