Canadian Dollar and Business Outlook: Loonie slips below 74 U.S. cents
But crude oil remains on the rise
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar stepped back on Thursday morning, due to more increases for its United States counterpart and despite another round of gains for crude oil.
As of 8:37 am CDT, the loonie was at US$0.7390 or US$1=C$1.3535 compared to Wednesday’s close of US$0.7412 or US$1=C$1.3491. On the U.S. Dollar Index, the greenback added 0.190 of a point at 101.615.
Benchmark crude oil prices continued higher on Thursday morning due to concerns about a wider conflict in the Middle East.
Brent crude oil rose US$1.78 at US$75.68 per barrel and West Texas Intermediate gained US$1.90 at US$72.00.
Shortly after Thursday’s open the TSX/S&P Composite Index lost 87.68 points at 23,913.87.
Gold dipped 90 cents at US$2,668.80 per ounce.
