Canadian Dollar and Business Outlook: Loonie gains small amount of strength

By MarketsFarm

WINNIPEG, Oct. 27 (MarketsFarm) – The Canadian dollar was slightly higher Tuesday morning, at the expense of its United States counterpart.

As of 8:40 CDT, the Canadian dollar was at US$0.7589 or C$1.3177, compared to Monday’s close of US$0.7575 or C$1.3201.

The U.S. Dollar Index saw the greenback slip under 93.0 points, to 92.860, further weakening it against other major global currencies.

Benchmark crude oil prices were higher Tuesday morning as the shuttering of oil facilities in the Gulf of Mexico due to Hurricane Zeta was supportive of prices. Pressure came from market concerns that Libya is planning to ramp up its oil production to one million barrels per day, as well as fears the global surge in COVID-19 could lead to reduced demand.

Brent crude oil rose 29 cents at US$40.75 per barrel. West Texas Intermediate (WTI) gained 31 cents at US$38.87 per barrel. Western Canadian Select (WCS) gained 20 cents at US$27.45 per barrel.

At the start of trading, the TSX/S&P Composite Index slipped 16.27 points at 16,063.28.

Gold was up US$3.45 at US$1,905.53 per ounce.

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