Canadian Dollar and Business Outlook: Loonie tumbles

WINNIPEG, August 3(MarketsFarm) – The Canadian dollar fell back below 80 cents United States on Tuesday.

As of 8:52 a.m. CDT, the loonie was at US$0.7954 or US$1=C$1.2572, compared to US$0.8024 or US$1=C$1.2462 when markets closed on Friday.

Crude oil dropped on Tuesday, a major factor in the loonie’s decline. Brent crude oil fell US$1.25 per barrel to US$75.64. West Texas Intermediate (WTI) lost US$1.42 to US$69.84/barrel. Western Canadian Select (WCS) retreated US$1.90 to US$54.98/barrel.

The TSX/S&P Composite Index advanced 54.65 points at 20,342.45.

Gold increased US$0.21 per ounce to US$1,813.67.

explore

Stories from our other publications