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

Glacier FarmMedia MarketsFarm – The Canadian dollar held steady on Monday morning.

The loonie was at US$0.7372 or US$1=C$1.3564 as of 8:32 a.m. CST, the same as Friday’s close. The Bank of Canada (BoC) will announce its key interest rate decision on Wednesday with many analysts expecting rate cuts to be delayed until June at the earliest.

The United States Dollar Index was also unchanged at 103.87.

Crude oil prices were higher after OPEC+ decided last weekend to extend supply cuts until the end of June. Brent crude oil added US$0.29 at US$83.84 per barrel. West Texas Intermediate (WTI) increased US$0.18 at US$80.15/barrel.

The TSX/S&P Composite Index lost 15.61 points at 21,536.74.

Gold was up US$8.30 at US$2,104.00 per ounce.