Canadian Dollar and Business Outlook: Loonie pushes higher

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar edged higher on Friday morning, gleaning support from declines in its United States counterpart as well as upticks in crude oil.

As of 8:38 am CDT, the loonie was at US$0.7367 or US$1=C$1.3577 compared to Thursday’s close of US$0.7358 or US$1=C$1.3591. On the U.S. Dollar Index, the greenback stepped back 0.398 of a point at 100.605.

Benchmark crude oil prices were on the rise Friday morning due to ongoing supply disruptions in the Gulf of Mexico and Libya. Brent crude oil added 76 cents at US$72.73 per barrel and West Texas Intermediate was up 80 cents at US$69.77.

Shortly after Friday’s open the TSX/S&P Composite Index rose 112.12 points at 23,587.26.

Gold advanced US$24.40 at US$2,605.00 per ounce.