Canadian Dollar and Business Outlook: Loonie unchanged, crude oil higher

Glacier FarmMedia MarketsFarm – The Canadian dollar was relatively steady on Wednesday morning.

The loonie was at US$0.7378 or US$1=C$1.3554 as of 8:35 a.m. CST, compared to Tuesday’s close of US$0.7377 or US$1=C$1.3556. The United States Dollar Index declined 0.12 of a point at 104.84.

Crude oil prices were higher despite reports of expanded U.S. stockpiles and limited compliance by OPEC+ members of planned supply cuts. Brent crude oil gained US$0.38 at US$83.15 per barrel. West Texas Intermediate (WTI) was up US$0.39 at US$78.26/barrel.

The TSX/S&P Composite Index recuperated some of its Tuesday losses, rising 123.00 points at 20,707.97.

Gold declined US$3.70 at US$2,003.50 per ounce.