Canadian Dollar and Business Outlook: More declines for loonie
BoC rate decision still being felt
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was lower on Thursday morning as yesterday’s Bank of Canada rate cut still weighed on values.
As of 8:35 am CDT, the loonie was at US$0.7234 or US$1=C$1.3821 compared to Wednesday’s close of US$0.7250 or US$1=C$1.3794. On the United States Dollar Index, the greenback inched up 0.018 of a point at 104.140.
Benchmark crude oil prices pulled back on Thursday morning due to ongoing issues with China’s sluggish economy.
Brent crude oil was down 81 cents at US$80.90 per barrel and West Texas Intermediate gave up 73 cents at US$76.86.
Shortly after Thursday’s open the TSX/S&P Composite Index lost 99.94 points at 22,539.63.
Gold plummeted US$46.40 at US$2,369.40 per ounce.
