Canadian Dollar and Business Outlook: Loonie strengthens
Greenback takes another hit
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was stronger on Friday morning due to a weaker United States dollar.
As of 8:38 am CDT, the loonie was at US$0.7257 or US$1=C$1.3778 compared to Thursday’s close of US$0.7228 or US$1=C$1.3836. On the U.S. Dollar Index, the greenback lost 0.619 of a point at 99.435.
Benchmark crude oil prices eased back on Friday morning, as the growing possibility of a global recession outweighed the threat of more U.S. sanctions on Iran.
Brent crude oil shed 19 cents at US$61.94 per barrel and West Texas Intermediate was down 20 cents at US$59.04.
Shortly after the TSX/S&P Composite Index opened, it advanced 134.88 points at 24,930.33.
Gold rose US$44.30 at US$3,266.50 per ounce.
