Canadian Dollar and Business Outlook: Loonie on the rise

By Glen Hallick

Glacier FarmMedia | MarketsFarm – The Canadian dollar improved on Tuesday morning, as its United States counterpart lost ground and despite declines in crude oil.

As of 8:36 am CST, the loonie was at US$0.7281 or US$1=C$1.3734, compared to Monday’s close of US$0.7262 or US$1=C$1.3770.

On the U.S. Dollar Index, the greenback stepped back 0.282 of a point at 97.675.

Benchmark crude oil prices were weaker on Tuesday morning, due to pressure from Russia-Ukraine peace talks and China turning to Venezuela for more oil.

West Texas Intermediate lost US$1.22 at US$55.60 per barrel and Brent crude also dropped US$1.22 at US$59.34 per barrel.

In morning activity, the TSX/S&P Composite Index dipped 14.16 points at 31,469.28.

Gold advanced US$24.90 at US$4,360.10 per ounce.