Canadian Dollar and Business Outlook: Loonie up, crude oil mixed

Glacier FarmMedia MarketsFarm – The Canadian dollar moved a bit higher on Thursday.

The loonie was at US$0.7291 or US$1=C$1.3716 as of 8:39 a.m. CDT, compared to US$0.7268 or US$1=C$1.3759 on Wednesday.

The United States Dollar Index was steady at 105.76. The U.S. Federal Reserve announced on Thursday it was leaving its key interest rates unchanged.

Despite growing U.S. inventories, ceasefire talks in Cairo between Israel and Hamas and OPEC+’s failure to enforce production cuts, crude oil was narrowly mixed. Brent crude oil was up US$0.06 at US$83.50 per barrel. West Texas Intermediate (WTI) dropped US$0.07 at US$78.93/barrel.

The TSX/S&P Composite Index gained 47.56 points at 21,776.11.

Gold lost US$11.00 at US$2,300.00 per ounce this morning.