Canadian Dollar and Business Outlook: Loonie trying to turn the corner

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar was attempting to regain some lost strength on Thursday morning.

As of 8:38 am CDT, the loonie was at US$0.7196 or US$1=C$1.3897 compared to Wednesday’s close of US$0.7186 or US$1=C$1.3915. On the U.S. Dollar Index, the greenback dipped 0.022 of a point at 103.840.

Statistics Canada reported the gross domestic product grew by one per cent in the third quarter of 2024 compared to the Bank of Canada’s projection of 1.5 per cent.

Benchmark crude oil prices bumped up on Thursday morning due to declines in the U.S. stockpile and concerns over the Middle East situation.

Brent crude oil added 58 cents at US$73.13 per barrel and West Texas Intermediate rose 57 cents at US$69.18.

Shortly after Thursday’s open, the TSX/S&P Composite Index gave up 189.67 points at 24,318.12.

Gold lost US$22.40 at US$2,778.40 per ounce.