Canadian Dollar and Business Outlook: Loonie drops, oil bounces back

WINNIPEG – The Canadian dollar slightly dropped on Tuesday morning despite rising oil prices and a weaker United States dollar.

As of 8:38 a.m. CDT, the loonie was at US$0.7967 or US$1=C$1.2552, compared to US$0.7984 or US$1=C$1.2525 when markets closed on Monday.

Benchmark oil prices rebounded on Tuesday after the International Monetary Fund delivered bullish global growth data.

Brent crude oil gained US$1.38 per barrel to US$63.53. West Texas Intermediate (WTI) surpassed the US$60 mark, rising by US$1.44 to US$60.09. Western Canadian Select (WCS) increased by US$0.87 at US$49.74/barrel.

The TSX/S&P Composite Index continued to rise on Tuesday after yesterday’s record-high close, rallying by 64.82 points to 19,091.61.

Gold surged by US$11.64 to US$1,739.91 per ounce.


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