Canadian Dollar and Business Outlook: Loonie at highest levels in six years

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, May 10 (MarketsFarm) – The Canadian dollar was stronger on Monday morning, reaching its highest levels since 2015 due to a weaker United States dollar.

As of 8:39 CDT, the Canadian dollar was at US$0.8263 or C$1.2102 compared to Friday’s close of US$0.8226 or C$1.2156.

On the United States Dollar Index, the greenback slipped back 0.151 at 90.065 points.

Benchmark crude oil prices were higher Monday morning after a cyber-attack directed at the Colonial Pipeline Company on Friday forced it to shut-down its operations. The company is a major supplier along the U.S. East Coast.

Brent crude oil gained 54 cents at US$68.82 per barrel. West Texas Intermediate (WTI) bumped up 42 cents at US$65.32/barrel. Western Canadian Select (WCS) increased 44 cents at US$51.77/barrel.

At the opening the TSX/S&P Composite Index was up 57.67 points at 19,530.41.

Gold jumped US$10.00 at US$1,841.30 per ounce.


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