Canadian Dollar and Business Outlook: Loonie slips with dip in crude
OPEC says demand to soften
The Canadian dollar lost some ground on Tuesday morning as crude oil prices stepped back,
As of 8:35 am CDT, the loonie was at US$0.7364 or US$1=C$1.3578 compared to Monday’s close of US$0.7374 or US$1=C$1.3561. On the U.S. Dollar Index, the greenback nudged up 0.090 of a point at 101.250.
Benchmark crude oil prices were lower on Tuesday morning as a softer demand forecast from OPEC outweighed Tropical Storm Francine causing supply disruptions in the Gulf of Mexico.
Brent crude oil gave up 35 cents at US$71.49 per barrel and West Texas Intermediate shed 29 cents at US$68.42.
Shortly after Tuesday’s open the TSX/S&P Composite Index slipped 75.38 points at 22,951.77.
Gold added US$10.00 at US$2,543.00 per ounce.
