Canadian Dollar and Business Outlook: Loonie relatively steady
Greenback, crude oil higher
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was firm on Wednesday morning, fending off more increases in its United States counterpart.
As of 8:36 am CST, the loonie was at US$0.7112 or US$1=C$1.4058 compared to Tuesday’s close of US$0.7114 or US$1=C$1.4056. On the U.S. Dollar Index, the greenback gained 0.220 of a point at 106.560.
Benchmark crude oil prices were slightly higher on Wednesday morning, ahead of tomorrow’s OPEC+ meeting at which the alliance’s output cuts are expected to be carried over to the end of the first quarter of 2025.
Brent crude oil added 31 cents at US$73.93 per barrel and West Texas Intermediate tacked on 25 cents at US$70.19.
Shortly after Wednesday’s open, the TSX/S&P Composite Index climbed 98.79 points at 25,734.52.
Gold increased US$6.50 at US$2,674.40 per ounce.
