Canadian Dollar and Business Outlook: Loonie rises, crude oil lower

Glacier FarmMedia MarketsFarm – The Canadian dollar pushed above 74 United States cents on Thursday morning.

The loonie was at US$0.7414 or US$1=C$1.3488 as of 8:42 a.m. CDT, compared to US$0.7387 or US$1=C$1.3537 on Wednesday. The U.S. Dollar Index declined 0.27 of a point at 103.98.

Crude oil prices eased off on Thursday despite supply cuts from OPEC+. Brent crude oil was down US$0.08 at US$89.27 per barrel. West Texas Intermediate (WTI) dipped US$0.12 at US$85.31/barrel.

The TSX/S&P Composite Index gained 65.93 points at 22,178.39.

Gold dropped US$5.90 at US$2,309.10 per ounce after reaching an all-time high on Wednesday.