Glacier FarmMedia COVID-19 & the Farm

Canadian Dollar and Business Outlook: Loonie, oil fall further

WINNIPEG – Both the Canadian dollar and crude oil prices continued to lose ground on Friday due to the rise of COVID-19 infections.

As of 8:56 a.m. CDT, the loonie was at US$0.7775 or US$1=C$1.2862, compared to US$0.7817 or US$1=C$1.2792 when markets closed on Thursday.

Crude oil sank to their lowest prices since May on Thursday and continued to decline on Friday. Brent crude oil dropped US$0.58 per barrel to US$65.87. West Texas Intermediate (WTI) declined US$0.75 to US$62.94/barrel. Meanwhile, Western Canadian Select (WCS) lost US$1.18 to US$50.06/barrel.

The TSX/S&P Composite Index rebounded, rising 45.38 points at 20,260.74.

Gold was up US$0.79 per ounce to US$1,781.17.

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