Canadian Dollar and Business Outlook: Loonie holding firm

By MarketsFarm

WINNIPEG, Sept. 18 (MarketsFarm) – The Canadian dollar was relatively steady on Friday morning, getting a little bit of strength from the Statistics Canada report citing retail sales rose 0.6 per cent in July.

As of 8:44 CDT, the Canadian dollar was at US$0.7584 or C$1.3192, compared to Thursday’s close of US$0.7576 or C$1.3200.

Benchmark crude oil prices were steady to lower Friday morning, after a warlord in the Libyan Civil War announced he will permit oil production and exports to resume. Support continued to come from the OPEC+ move to reign in its members that fail to adhere to the alliance’s production cuts.

Brent crude oil dipped 14 cents at US$43.16 per barrel. West Texas Intermediate (WTI) gained nine cents at US$41.06 per barrel. Meanwhile, Western Canadian Select (WCS) fell 41 cents at US$29.66 per barrel.

At the start of trading, the TSX/S&P Composite Index gained 49.30 points at 16,296.20.

Gold was up US$2.74 at US$1,947.18 per ounce.

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