Canadian Dollar and Business Outlook: Stronger greenback pushes loonie lower
Crude going nowhere, waiting for new data
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was pulling back on Wednesday morning, as its United States counterpart gained strength.
As of 8:35 am CDT, the loonie was at US$0.7299 or US$1=C$1.3698 compared to Tuesday’s close of US$0.7321 or US$1=C$1.3659. On the U.S. Dollar Index, the greenback added 0.476 of a point at 105.730.
Benchmark crude oil prices were relatively steady on Wednesday morning, as the markets waited for freshly updated U.S. inventory data.
Brent crude oil dipped five cents at US$84.96 per barrel and West Texas Intermediate tacked on six cents at US$80.89.
Shortly after Wednesday’s open the TSX/S&P Composite Index stepped back 86.34 points at 21,702.14.
Gold dropped US$15.60 at US$2,315.20 per ounce.
