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

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Glacier FarmMedia | MarketsFarm – The Canadian dollar showed strength for the second straight day on Tuesday.

The loonie was at US$0.7314 or US$1=C$1.3672 as of 8:35 a.m. CDT, compared to Monday’s close at US$0.7303 or US$1=C$1.3693.

The United States Dollar Index was down 0.05 of a point at 97.80.

Crude oil prices declined due to forecasts of slower demand growth and increased production. Brent crude oil fell US$0.67 per barrel at US$68.54/barrel. West Texas Intermediate dropped US$0.79 at US$66.41/barrel.

The TSX/S&P Composite Index gained 39.34 points at 27,356.34.

Gold jumped US$21.30 per ounce at $3,427.70.