Canadian Dollar and Business Outlook: Loonie slips lower
Declines despite higher crude prices
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar stepped back on Friday morning, as its United States counterpart reclaimed some of its lost strength. Support from upticks in global crude oil prices limited the loonie’s decline.
As of 8:41 am CST, the Canadian dollar was at US$0.7548 or C$1.3249, compared to Thursday’s close of US$0.7569 or US$1=C$1.3212.
On the U.S. Dollar Index, the greenback added 0.127 of a point at 101.045.
Benchmark crude oil prices were up slightly Friday morning, as concerns over OPEC+ production cuts reversed course and now outweighed growing U.S. stockpiles.
Brent crude oil gained 71 cents at US$77.86 per barrel, while West Texas Intermediate rose 65 cents at US$72.42.
Shortly after Friday’s open the TSX/S&P Composite Index nudged up 16.78 points at 20,946.16.
Gold lost US$12.90 at US2,070.60 per ounce.
