Canadian Dollar and Business Outlook: Loonie retreats from 75 U.S. cents

By MarketsFarm

WINNIPEG, July 30 (MarketsFarm) – The Canadian dollar was down Thursday morning, as crude oil and equities lost ground.

As of 8:45 CDT, the Canadian dollar was at US$0.7460 or C$1.3407, compared to Wednesday’s close of US$0.7485 or C$1.3360.

Benchmark crude oil prices were lower on Thursday morning, as another global glut looms and the pandemic’s continuing surge threatens the world’s economic recovery.

Brent crude oil was down 83 cents at US$42.92 per barrel. West Texas Intermediate (WTI) fell 94 cents at US$40.33 per barrel. Western Canadian Select (WCS) dropped US$1.01 at US$30.50 per barrel.

At the opening, the TSX/S&P Composite Index fell 192.30 points at 16,102.36 due to spillover from the markets in the United States. A report from the U.S. Department of Commerce said the country’s GDP plummeted by a record 32.9 per cent in the second quarter. However, that’s somewhat better than the drop of 34.5 per cent economists predicted.

Gold lost US$13.21 this morning to US$1,957.67 per ounce.

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