Canadian Dollar and Business Outlook: Loonie falls below 75 U.S. cents

By MarketsFarm

WINNIPEG, Oct. 29 (MarketsFarm) – The Canadian dollar was lower Thursday morning, due to weakness in crude oil prices.

As of 8:45 CDT, the Canadian dollar was at US$0.7471 or C$1.3387, compared to Wednesday’s close of US$0.7518 or C$1.3302.

Benchmark crude oil prices were lower Thursday morning, due to lockdown restrictions in a number of European countries, including France and Germany. Aiding oil’s back-peddling was increased production in Libya and larger United States inventories.

Brent crude oil dropped US$2.24 at US$36.88 per barrel. West Texas Intermediate (WTI) fell US$2.14 at US$35.25 per barrel. Western Canadian Select (WCS) lost US$2.20 at US$24.96 per barrel.

At the start of trading, the TSX/S&P Composite Index was down 45.83 points at 15,540.74.

Gold lost US$10.14 at US$1,867.05 per ounce.

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