Canadian Dollar and Business Outlook: Loonie nears psychological level

Glacier FarmMedia MarketsFarm – The Canadian dollar jumped on Monday morning, moving closer to the 74 United States cent mark.

The loonie was at US$0.7393 or US$1=C$1.3526 as of 8:35 a.m. CDT, compared to US$0.7372 or US$1=C$1.3565 on Friday. The U.S. Dollar Index was up 0.18 of a point at 100.90.

Crude oil was slightly higher on Monday morning as Israel’s bombing of Lebanon and the U.S. Federal Reserve cutting its key interest rate countered weaker demand. Brent crude oil was up US$0.05 at US$74.54 per barrel. West Texas Intermediate (WTI) gained US$0.18 at US$71.18/barrel.

The TSX/S&P Composite Index added 8.69 points at 23,876.06.

Gold advanced US$8.50 per ounce at US$2,654.70.