Canadian Dollar and Business Outlook: Loonie, crude oil continue upward

By MarketsFarm

WINNIPEG, July 15 (MarketsFarm) – The Canadian dollar was up slightly Monday morning, continuing on its record high for 2019.

As of 8:38 CDT, the Canadian dollar was at US$0.7679 or C$1.3019. That compares to Friday’s North American close of US$0.7670 or C$1.3038.

Crude oil prices were higher this morning, on reports that China’s economy has not fared as bad as expected, according to official data released Monday. At more than six per cent, the country’s growth remained at its weakest pace in the last 25 years. Also, storms along the United States Gulf Coast forced the shutdown of most oil production facilities. Concerns of slowing global demand have tempered gains.

West Texas Intermediate crude oil was up 58 cents at US$60.79 per barrel, and Brent crude oil was up 60 cents at US$67.32 per barrel.

At the start of trading the TSX/S&P Composite Index was up 3.83 points at 16,491.95 points.

Gold was up 40 cents at US$1,412.60 per ounce.

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