Canadian Dollar and Business Outlook: Loonie firm as greenback rises

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, March 4 (MarketsFarm) – The Canadian dollar was relatively steady Thursday morning, as the United States dollar was higher.

As of 8:38 CST, the Canadian dollar was at US$0.7922 or C$1.2624, compared to Wednesday’s close of US$0.7917 or C$1.2631.

On the U.S. Dollar Index the greenback rose 0.213 at 91.155 points.

Benchmark crude oil prices were stronger on Thursday morning, as Saudi Arabia urged caution at the OPEC+ meeting to discuss the alliance’s production. Meanwhile Russia advocated increasing production to coup gains from higher crude prices.

Brent crude oil gained US$1.11 at US$65.18 per barrel. West Texas Intermediate (WTI) was up 99 cents at US$62.27/barrel. Western Canadian Select (WCS) rose $1.21 at US$49.66/barrel.

At the opening the TSX/S&P Composite Index slipped 17.91 points at 18,302.76.

Gold was down US$2.70 at US$1,713.10 per ounce.

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