Canadian Dollar and Business Outlook: Loonie slips back
Greenback advances, putting pressure on Canadian cousin
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar stepped back on Monday morning as improvement in the United States dollar outweighed upticks in crude oil.
As of 8:36 am CDT, the loonie was at US$0.7370 or US$1=C$1.3569 compared to Friday’s close of US$0.7383 or US$1=C$1.3545. On the U.S. Dollar Index, the greenback increased 0.337 of a point at 101.115.
Benchmark crude oil prices were slightly higher on Monday morning as a weather system heading towards the Gulf of Mexico could become a hurricane, while China’s sluggish demand kept a lid on stronger increases.
Brent crude oil tacked on 24 cents at US$71.30 per barrel and West Texas Intermediate gained 21 cents at US$67.88.
Shortly after Monday’s open the TSX/S&P Composite Index climbed higher 212.32 points at 22,993.75.
Gold added US$7.10 at US$2,531.70 per ounce.
