Canadian Dollar and Business Outlook: Loonie steady while crude oil drops

Glacier FarmMedia MarketsFarm – The Canadian dollar was steady coming out of the weekend.

The loonie was at US$0.7337 or US$1=C$1.3630 as of 8:35 a.m. CDT, compared to US$0.7335 or US$1=C$1.3633 on Friday. The United States Dollar Index was down 0.06 of a point at 104.82.

Crude oil prices were lower on Monday after reaching a two-month high last week. The Port of Houston was closed in anticipation of Hurricane Beryl’s landfall in southern Texas. Brent crude oil dropped US$0.54 at US$86.00 per barrel. West Texas Intermediate (WTI) fell US$0.67 at US$82.49/barrel.

The TSX/S&P Composite Index gained 27.03 points at 22,086.06.

Gold lost US$15.80 per ounce at US$2,381.90.