Canadian Dollar and Business Outlook: Loonie retreating on first day of trading in 2025
U.S. greenback adding more strength
By Glen Hallick
Glacier FarmMedia MarketsFarm – As trading resumed on Thursday morning following New Year’s Day, the Canadian dollar stepped back as its United States counterpart continued to add strength.
As of 8:41 am CST, the loonie was at US$0.6933 or US$1=C$1.4426 compared to Tuesday’s close of US$0.6950 or US$1=C$1.4389.
On the U.S. Dollar Index, the greenback added 0.334 of a point at 108.630. The index compares the U.S. dollar to six major currencies including the loonie.
Benchmark crude oil prices were higher on Thursday morning on hopes the Chinese government will create yet another stimulus package after President Xi Jinping said he wants to promote economic growth.
Brent crude oil gained US$1.33 at US$75.97 per barrel and West Texas Intermediate rose US$1.42 at US$73.14.
Shortly after Thursday’s open, the TSX/S&P Composite Index jumped 228.29 points at 24,956.23.
Gold climbed US21.50 at US$2,662.50 per ounce.
