Canadian Dollar and Business Outlook: Loonie tumbles, crude oil surges

Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Thursday morning after United States President Donald Trump confirmed tariffs against Canada and Mexico will go ahead as planned on March 4.

The loonie was at US$0.6930 or US$1=C$1.4430 as of 8:36 a.m. CST, compared to Wednesday’s close at US$0.6974 or US$1=C$1.4339. The United States Dollar Index strengthened 0.59 of a point at 107.00.

Crude oil jumped after Trump revoked a license for Chevron to operate in Venezuela. Brent crude oil rose US$1.24 at US$73.77 per barrel. West Texas Intermediate (WTI) climbed US$1.31 at US$69.93/barrel.

The TSX/S&P Composite Index improved 34.01 points at 25,362.37.

Gold fell US$28.10 per ounce at US$2,902.50.