Canadian Dollar and Business Outlook: Loonie regains some lost ground

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar was higher on Thursday morning, as its United States counterpart fell back, while crude oil edged upward.

As of 8:44 am CST, the loonie was at US$0.7137 or US$1=C$1.4015 compared to Wednesday’s close of US$0.7109 or US$1=C$1.4066. On the U.S. Dollar Index, the greenback dropped 0.515 of a point at 105.775.

Benchmark crude oil prices were up slightly on Thursday morning, following reports that OPEC+ will delay their output increases until April.

Brent crude oil rose 35 cents at US$72.66 per barrel and West Texas Intermediate added 36 cents at US$68.90.

Shortly after Thursday’s open, the TSX/S&P Composite Index bumped up 30.38 points at 25,671.56.

Gold was down US$5.70 at US$2,670.50 per ounce.