Canadian Dollar and Business Outlook: Loonie steady after long weekend

By MarketsFarm

WINNIPEG, Aug. 4 (MarketsFarm) – The Canadian dollar was unchanged Tuesday morning, as trading resumed following the August long weekend.

As of 9:04 CDT, the Canadian dollar was at US$0.7460 or C$1.3408, the same as Friday’s close.

Benchmark crude oil prices were lower on Tuesday morning due to market worries over the increasing spread of COVID-19 pandemic. More countries other than the United States, India and Russia have reported surges in the number of cases, including Australia and the Philippines.

Brent crude oil lost 39 cents at US$43.76 per barrel. West Texas Intermediate (WTI) dropped 32 cents at US$40.69 per barrel. Western Canadian Select (WCS) fell 55 cents at US$30.16 per barrel.

The TSX/S&P Composite Index was up 169.49 points at 16,338.69.

Gold was down slightly by 63 cents at US$1,976.35 per ounce.

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