Canadian Dollar and Business Outlook: Loonie on the rise
Are changes to U.S. tariffs on horizon?
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar swung higher on Wednesday morning following talk the Trump administration could be willing to ease off the tariffs they imposed yesterday.
As of 8:35 am CST, the loonie was at US$0.6961 or US$1=C$1.4362 compared to Tuesday’s close of US$0.6902 or US$1=C$1.4489. On the U.S. Dollar Index, the greenback dropped 1.002 points at 104.685.
Benchmark crude oil prices continued to pull back on Wednesday morning due to coming OPEC+ output increases and U.S. tariffs.
Brent crude oil gave up US$1.32 at US$69.72 per barrel and West Texas Intermediate lost US$1.60 at US$66.66.
The TSX/S&P Composite Index nudged up 28.88 points at 24,600.88.
Gold was down US$7.50 at US$2,913.10 per ounce.
