Canadian Dollar and Business Outlook: Loonie slips on higher greenback

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, March 5 (MarketsFarm) – The Canadian dollar was lower Friday morning, as its United States counterpart made gains.
Meanwhile, higher crude oil prices helped to temper declines in the loonie.

As of 8:38 CST, the Canadian dollar was at US$0.7897 or C$1.2663, compared to Thursday’s close of US$0.7913 or C$1.2637.

On the U.S. Dollar Index the greenback rose 0.151 at 91.790 points.

Benchmark crude oil prices were higher on Friday morning, following the decision by OPEC+ to not ease the alliance’s production cuts for the remainder of March. In addition, major oilsands producers in Canada will scale back their production by 500,000 barrels per day starting in April.

Brent crude oil jumped US$2.01 at US$68.75 per barrel. West Texas Intermediate (WTI) gained US$1.79 at US$65.62/barrel. Western Canadian Select (WCS) was up US$1.44 at US$54.09/barrel.

At the opening the TSX/S&P Composite Index increased by 125.33 points at 18,251.05.

Gold inched higher by US$1.70 at US$1,702.40 per ounce.

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