Canadian Dollar and Business Outlook: Loonie steady, markets rising
The Canadian dollar held steady to start the week.
The loonie was at US$0.7103 or US$1=C$1.4079 as of 8:31 a.m. CST, same as the Bank of Canada’s closing rate on Friday. The United States Dollar Index slipped 0.15 of a point at 106.54.
Crude oil rose after U.S. President Joe Biden allowed Ukraine to use U.S.-made weapons to attack Russian territory. However, waning Chinese fuel demand and a potential supply glut in 2025 capped gains. Brent crude oil jumped US$1.27 at US$72.31 per barrel. West Texas Intermediate (WTI) added US$1.14 at US$68.16/barrel.
The TSX/S&P Composite Index surged 109.34 points at 25,000.02.
Gold spiked US$38.60 per ounce at US$2,608.70 due to a pause in the U.S. dollar’s recent rally.