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Canadian Dollar and Business Outlook: Loonie tumbles, crude oil climbs upwards

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Glacier FarmMedia MarketsFarm – The Canadian dollar extended its recent slide on Friday morning, dropping below the 73 United States cent mark.

The loonie was at US$0.7266 or US$1=C$1.3763 as of 8:31 a.m. CDT, compared to US$0.7304 or US$1=C$1.3692 on Thursday. The U.S. Dollar Index jumped 0.72 of a point at 106.00, its highest level since last November.

Crude oil prices made a sharp climb on Friday as Israel prepared for a potential strike by Iran. Brent crude oil surged US$1.97 at US$91.71 per barrel. West Texas Intermediate (WTI) rose US$2.20 at US$87.22/barrel.

The TSX/S&P Composite Index added 87.77 points at 22,197.88.

Gold hit another record high, up US$42.90 at US$2,415.60 per ounce.