Canadian Dollar and Business Outlook: Loonie moves higher against U.S. dollar

By MarketsFarm

WINNIPEG, Nov. 20 (MarketsFarm) – The Canadian dollar was higher Friday morning as retail sales increased according to Statistics Canada.

As of 8:45 CST, the Canadian dollar was at US$0.7669 or C$1.3041, compared to Thursday’s close of US$0.7644 or C$1.3083.

The federal agency reported retail sales were up 1.1 per cent in September at nearly C$54 billion. The increase beat analysts’ expectations for a small rise of 0.2 per cent.

Benchmark crude oil prices were mixed Friday morning, as the economic impact of increased lockdown and restriction measures weighed on values. Hopes for coronavirus vaccines in the coming months tempered the declines.

Brent crude oil gained 16 cents at US$44.36 per barrel. West Texas Intermediate (WTI) was down 14 cents at US$41.60 per barrel. Western Canadian Select (WCS) slipped 14 cents at US$30.33 per barrel.

At the start of trading, the TSX/S&P Composite Index was flat, losing 0.65 of a point at 16,909.16.

Gold gained US$11.28 at US$1,877.82 per ounce.

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