Canadian Dollar and Business Outlook: Positive momentum for loonie
Lower greenback, higher crude oil
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar climbed higher on Thursday morning aided by declines in its United States counterpart and upticks in crude oil.
As of 8:32 am CST, the loonie was at US$0.7046 or US$1=C$1.4191 compared to Wednesday’s close of US$0.7031 or US$1=C$1.4223. On the United States Dollar Index, the greenback was down 0.378 of a point at 106.695.
Benchmark crude oil prices were modestly higher on Thursday morning after an increase in U.S. crude stocks limited further increases.
Brent crude oil added 56 cents at US$76.60 per barrel and West Texas Intermediate was up 49 cents at US$72.74.
The TSX/S&P Composite Index tacked on 4.12 points at 25,630.28.
Gold gained US$7.80 at US$2,943.90 per ounce.
