Canadian Dollar and Business Outlook: Loonie falls back with crude oil

By MarketsFarm

WINNIPEG, Jan. 22 (MarketsFarm) – The Canadian dollar was lower Friday morning as crude oil prices shifted downward.

As of 8:48 CST, the Canadian dollar was at US$0.7877 or C$1.2695, compared to Thursday’s close of US$0.7920 or C$1.2627.

Benchmark crude oil prices were lower Friday morning due to additional COVID-19 lockdowns in China and a 2.6 million barrel increase in U.S. crude inventories.

Brent crude oil was down US$1.21 at US$54.89 per barrel. West Texas Intermediate (WTI) fell US$1.35 at US$51.78/barrel. Western Canadian Select (WCS) dropped US$1.50 atUS$37.51/barrel.

At the opening the TSX/S&P Composite Index lost 121.56 points at 17,794.64.

Gold dropped US$26.70 at US$1,839.20 per ounce.

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