Canadian Dollar and Business Outlook: Loonie steps back

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar stepped back on Monday morning, due to a stronger United States dollar.

As of 8:35 am CST, the loonie was at US$0.7121 or US$1=C$1.4039 compared to Friday’s close of US$0.7138 or US$1=C$1.3010. On the U.S. Dollar Index, the greenback advanced 0.577 of a point at 106.405.

Benchmark crude oil prices were higher Monday morning due to improved factory activity in China and an increasingly uncertain ceasefire between Israel and Hezbollah.

Brent crude oil added 74 cents at US$72.58 per barrel and West Texas Intermediate gained 82 cents at US$68.82.

Shortly after Monday’s open, the TSX/S&P Composite Index eased back 6.95 points at 25,641.05.

Gold was down US$7.20 at US$2,673.80 per ounce.