Canadian Dollar and Business Outlook: Upswing in U.S. dollar weakens loonie
Small upticks in cruce oil
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar pulled back on Wednesday due to a spike in the United States dollar.
As of 8:34 am CST, the loonie was at US$0.6946 or US$1=C$1.4397 compared to Tuesday’s close of US$0.6975 or US$1=C$1.4340.
On the U.S. Dollar Index, the greenback advanced 0.647 of a point at 109.025.
Benchmark crude oil prices were a pinch higher on Wednesday morning as support from tighter supplies was almost countered by pressure from the hike in the U.S. dollar.
Brent crude oil tacked on 12 cents at US$77.17 per barrel and West Texas Intermediate nudged up 16 cents at US$74.41.
Shortly after Wednesday’s opening, the TSX/S&P Composite Index eased back 8.02 points at 24,921.87.
Gold was up US$12.50 at US$2,678.00 per ounce.
