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Canadian Dollar and Business Outlook: Markets rise on Wednesday morning

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Glacier FarmMedia MarketsFarm – The Canadian dollar continued to rise sharply on Wednesday morning.

The loonie was at US$0.7280 or US$1=C$1.3736 as of 8:42 a.m. CDT, compared to US$0.7250 or US$1=C$1.3794 on Tuesday.

The United States Dollar Index gained 0.19 of a point at 103.16.

Tensions in the Middle East allowed crude oil to move upwards on Wednesday. Brent crude oil gained US$1.31 at US$77.79 per barrel. West Texas Intermediate (WTI) was higher by US$1.34 at US$74.54/barrel.

The TSX/S&P Composite Index was on its way towards recovering its weekend losses, surging 250.19 points at 22,229.55.

Gold was up US$10.00 per ounce at US$2,441.60.