Canadian Dollar and Business Outlook: Loonie surpasses 70 U.S. cents

Glacier FarmMedia | MarketsFarm – The Canadian dollar continued to rise on Wednesday morning after planned tariffs on Canadian goods entering the United States were delayed until March.

The loonie was at US$0.7003 or US$1=C$1.4280 as of 8:35 a.m. CST, compared to Tuesday’s close at US$0.6971 or US$1=C$1.4345. The United States Dollar Index stepped back by 0.43 of a point at 107.53.

Crude oil dropped after China imposed retaliatory tariffs on U.S. goods. Brent crude oil was down US$0.92 at US$75.28 per barrel. West Texas Intermediate (WTI) declined US$0.90 at US$71.80/barrel.

The TSX/S&P Composite Index was up 76.20 points at 25,355.55.

Gold advanced US$13.00 per ounce at US$2,888.80.