Canadian Dollar and Business Outlook: Loonie, TSX rise

Glacier FarmMedia MarketsFarm – The Canadian dollar moved above 74 United States cents on Thursday morning.

The loonie was at US$0.7407 or US$1=C$1.3501 as of 8:41 a.m. CST, compared to Wednesday’s close of US$0.7380 or US$1=C$1.3550. The United States Dollar Index dropped 0.43 of a point at 104.30.

Crude oil prices were higher despite reports of expanded U.S. stockpiles and a warning of slower demand growth from the International Energy Agency (IEA). Brent crude oil was up US$0.18 at US$81.78 per barrel. West Texas Intermediate (WTI) increased US$0.25 at US$76.89/barrel.

The TSX/S&P Composite Index rose 191.90 points at 21,081.30.

Gold jumped US$13.00 at US$2,017.30 per ounce.