Canadian Dollar and Business Outlook: Loonie sinks, oil mixed

WINNIPEG – The Canadian dollar fell on Wednesday morning amidst a third wave of COVID-19 and after Statistics Canada released data showing that Canada’s trade surplus narrowed to C$1 billion in February.

As of 8:38 a.m. CDT, the loonie was at US$0.7927 or US$1=C$1.2615, compared to US$0.7962 or US$1=C$1.2559 when markets closed on Tuesday.

Benchmark oil prices were mixed on Wednesday. Brent crude oil dropped US$0.21 per barrel to US$62.53. West Texas Intermediate (WTI) fell US$0.34 to US$58.99/barrel. Western Canadian Select (WCS) increased by US$0.17 at US$49.47/barrel.

The TSX/S&P Composite Index continued to gain from a record-high close yesterday, rising by 15.45 points to 19,119.59.

Gold dropped by US$6.82 to US$1,736.45 per ounce.


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