Canadian Dollar and Business Outlook: Loonie pulled in different directions

Glacier FarmMedia | MarketsFarm – The Canadian dollar was relatively steady on Monday morning.

The loonie was at US$0.6938 or US$1=C$1.4413 as of 8:32 a.m. CST, compared to US$0.6934 or US$1=C$1.4422.

The United States Dollar Index gained 0.23 of a point at 109.88. Earlier in the day, the index surpassed the 110-point level for the first time since October 2022.

Crude oil reached a five-month high on Monday due to U.S. sanctions on Russia. Brent crude oil was up US$0.70 at US$80.46 per barrel. West Texas Intermediate (WTI) rose US$0.89 at US$77.46/barrel.

The TSX/S&P Composite Index dropped 127.67 points at 24,640.06.

Gold fell US$30.40 per ounce at US$2,684.60.