Canadian Dollar and Business Outlook: Loonie inches higher

By MarketsFarm

WINNIPEG, Jan. 14 (MarketsFarm) – The Canadian dollar was slightly higher on Thursday, despite gains in the United States dollar and a drop in crude oil prices.

As of 8:46 CST, the Canadian dollar was at US$0.7884 or C$1.2683, compared to Wednesday’s close of US$0.7868 or C$1.2710.

On the U.S. Dollar Index the greenback was up 0.126 at 90.460 points.

Benchmark crude oil prices were slightly lower on Thursday morning following a surge of COVID-19 cases in Europe and China. The losses were tempered by news that China’s crude oil imports increased by 7.3 per cent in 2020 and that United States crude stockpiles are smaller than initially thought.

Brent crude oil lost 48 cents at US$55.58 per barrel. West Texas Intermediate (WTI) dropped 23 cents at US$52.68 per barrel. Western Canadian Select (WCS) was down 40 cents at US$41.21 per barrel.

The TSX/S&P Composite Index opened higher by 31.63 points at 17,966.37.

Gold was up US$2.53 at US$1,848.05 per ounce.


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