Canadian Dollar and Business Outlook: Loonie up after crude oil jumps

Glacier FarmMedia MarketsFarm – The Canadian dollar regained upward momentum on Wednesday morning.

The loonie was at US$0.7373 or US$1=C$1.3563 as of 8:31 a.m. CST, compared to US$0.7363 or US$1=C$1.3582. The Bank of Canada (BoC) will announce its key interest rate decision later today with many analysts expecting the key interest rate to remain at five per cent.

The United States Dollar Index was down 0.18 of a point at 103.62.

Crude oil prices jumped on Wednesday after Saudi Arabia decided to raise prices for its buyers in Asia. Brent crude oil surged US$1.03 at US$83.07 per barrel. West Texas Intermediate (WTI) rose US$1.48 at US$79.63/barrel.

The TSX/S&P Composite Index climbed 181.24 points at 21,707.17.

Gold was up US$5.60 at US$2,147.50 per ounce.