Canadian Dollar and Business Outlook: Loonie well above 74 U.S. cents

By Glen Hallick

Glacier Farm Media MarketsFarm – The Canadian dollar was higher on Thursday morning, as it benefitted from a weaker United States dollar and increases in crude oil.

As of 8:37 am CST, the loonie was at US$0.7444 or C$1.3436, compared to Wednesday’s close of US$0.7374 or US$1=C$1.3561. On the U.S. Dollar Index, the greenback dropped 0.662 of a point at 101.815.

Benchmark crude oil prices were stronger on Thursday morning, as reduced U.S. stockpiles and OPEC+ production cuts outweighed trade concerns over excess supplies.

Brent crude oil advanced US$2.21 at US$76.47 per barrel, while West Texas Intermediate gained US$2.13 at US$71.60.

Shortly after Thursday’s open the TSX/S&P Composite Index added 156.69 points at 20,786.14.

Gold surged ahead US$54.20 at US2,051.50 per ounce.