Canadian Dollar and Business Outlook: Loonie pushes higher

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar climbed higher Wednesday morning as its United States counterpart sagged. However, increases were checked by small declines in crude oil.

As of 9:03 am CDT, the loonie was at US$0.7439 or US$1=C$1.3444 compared to Tuesday’s close of US$0.7425 or US$1=C$1.3468. On the U.S. Dollar Index, the greenback was down 0.139 of a point at 100.020.

Benchmark crude oil prices slipped on Wednesday morning due to skepticism towards China’s latest economic stimulus package.

Brent crude oil shed 76 cents at US$74.41 per barrel and West Texas Intermediate gave up 80 cents at US$70.76.

Shortly after Wednesday’s open the TSX/S&P Composite Index dipped 17.34 points at 23,934.88.

Gold added US$11.70 at US$2,688.70 per ounce.