Canadian Dollar and Business Outlook: Loonie peeling back further
But little movement in greenback
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar continued its retreat on Wednesday morning despite little movement in its United States counterpart.
As of 8:37 am CDT, the loonie was at US$0.7178 or US$1=C$1.3931 compared to Tuesday’s close of US$0.7189 or US$1=C$1.3911. On the U.S. Dollar Index, the greenback nudged up 0.024 of a point at 104.215.
Benchmark crude oil prices were higher on Wednesday morning, after OPEC+ might delay its output increase scheduled for December.
Brent crude oil gained US$1.10 at US$72.22 per barrel and West Texas Intermediate added US$1.08 at US$68.29.
The U.S. Department of Commerce reported the country’s economy grew 2.8 per cent in the third quarter, down from three per cent in Q2.
Shortly after Wednesday’s open, the TSX/S&P Composite Index lost 111.55 points at 24,451.00.
Gold advanced US$10.60 at US$2,791.70 per ounce.
