Canadian Dollar and Business Outlook: Loonie nudges upward

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly higher on Tuesday as the dust settled over the resignation of Prime Minister Justin Trudeau.

As of 8:43 am CST, the loonie was at US$0.6982 or US$1=C$1.4323 compared to Monday’s close of US$0.6970 or US$1=C$1.4348.

On the U.S. Dollar Index, the greenback shed 0.086 of a point at 108.015.

Benchmark crude oil prices were higher on Tuesday morning due to Western sanctions reducing supplies coming from Russia and Iran.

Brent crude oil added 78 cents at US$77.08 per barrel and West Texas Intermediate rose 71 cents at US$74.27.

Statistics Canada reported the country’s merchandise exports were up 2.2 per cent in November while imports increases 1.8 per cent, which narrowed the trade deficit by $221 million at C$323 million.

Shortly after Tuesday’s opening, the TSX/S&P Composite Index climbed 181.69 points at 25,181.48.

Gold advanced US$27.00 at US$2,674.50 per ounce.