Canadian Dollar and Business Outlook: Loonie takes small step back

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 24 (MarketsFarm) – The Canadian dollar was slightly lower Thursday morning, as crude oil prices slipped back while the United States dollar held relatively firm.

As of 8:35 CDT, the Canadian dollar was at US$0.8126 or C$1.2305 compared to Wednesday’s close of US$0.8139 or C$1.2287.

On the U.S. Dollar Index, the greenback dipped 0.040 at 91.745 points.

Benchmark crude oil prices were lower on Thursday morning, as OPEC+ will consider increasing oil production at its upcoming meeting next week. However, those declines have been tempered by reduced inventories in the U.S. and China, along with an expected uptick in global demand as COVID-19 vaccinations increase.

West Texas Intermediate (WTI) lost 37 cents at US$72.71 per barrel. Brent crude oil was down 30 cents at US$74.89 per barrel. Western Canadian Select (WCS) gave up 38 cents at US$58.89 per barrel.

At the opening the TSX/S&P Composite Index rose 85.29 points at 20,249.68.

Gold was up US$2.10 at US$1,785.50 per ounce.


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