Canadian Dollar and Business Outlook: Loonie steps back in face of stronger greenback

By Glen Hallick

Glacier Farm Media MarketsFarm – The Canadian dollar fell below 73 U.S. cents on Friday morning due to a large increase in its United States counterpart.

As of 8:37 am CDT, the loonie was at US$0.7284 or US$1=C$1.3730 compared to Thursday’s close of US$0.7307 or US$1=C$1.3686. On the U.S. Dollar Index, the greenback advanced 0.563 of a point at 104.270.

Benchmark crude oil prices were relatively steady on Friday morning, seeking direction after OPEC+ stated it’s open to not increasing its production. Brent crude oil nudged up four cents at US$79.91 per barrel and West Texas Intermediate tacked on 12 cents at US$75.67.

Statistics Canada reported that unemployment in May rose to 6.2 per cent.

Shortly after Friday’s open the TSX/S&P Composite Index fell 194.20 points at 22,034.90.

Gold plummeted US$48.10 at US$2,342.80 per ounce after China ended its 18-month buying spree of the precious metal.