Canadian Dollar and Business Outlook: Loonie reverses direction

The Canadian dollar was slightly lower on Wednesday morning after a recent show of strength compared to the United States greenback.

The loonie was at US$0.7420 or US$1=C$1.3478 as of 8:47 a.m. CDT, compared to US$0.7429 or US$1=C$1.3460 on Tuesday.

The U.S. Dollar Index jumped 0.56 of a point at 101.11.

Crude oil prices continued its downturn from Tuesday. Brent crude oil dropped US$1.03 at US$78.52 per barrel. West Texas Intermediate (WTI) fell US$1.05 at US$74.48/barrel.

The TSX/S&P Composite Index shed 51.92 points at 23,208.04.

Gold lost US$14.40 per ounce at US$2,538.50.