Canadian Dollar and Business Outlook: Loonie rises, oil rallies

WINNIPEG, April 8 (MarketsFarm) – The Canadian dollar slightly increased on Thursday morning mainly due to a weakened United States dollar.

As of 8:34 a.m. CDT, the loonie was at US$0.7938 or US$1=C$1.2598, compared to US$0.7927 or US$1=C$1.2615 when markets closed on Wednesday.

Benchmark oil prices were down on Thursday as demand weakened in India where they are battling the third wave of COVID-19. Brent crude oil dropped US$0.31 per barrel to US$62.85. West Texas Intermediate (WTI) fell US$0.54 to US$59.23/barrel. Western Canadian Select (WCS) decreased by US$0.59 at US$48.89/barrel.

The TSX/S&P Composite Index maintained its upward rise, gaining 31.46 points to 19,160.53.

Gold benefitted from the weakened U.S. greenback, surging by US$17.69 to US$1,755.41 per ounce.

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