Canadian Dollar and Business Outlook: Slipping oil prices mean weaker loonie

By MarketsFarm

WINNIPEG, March 21 (MarketsFarm) – The Canadian dollar was weaker Thursday morning amid slipping crude oil prices.

At 8:33 CDT Thursday morning the Canadian dollar was at US$0.7495 or C$1.3343, which compares with Wednesday’s North American close of US$0.7509 or C$1.3317.

Benchmark crude oil prices were down Thursday morning as a lack of progress in United States/China talks weighed on values. Declines were tempered by tighter global oil supplies.

West Texas Intermediate crude oil was down 17 cents at US$60.04 per barrel Thursday morning. Brent crude oil was down 23 cents per barrel to US$68.27 per barrel.

The TSX/S&P Composite Index was down 18.77 points at Thursday’s open at 16,148.79 points.

Canada’s ‘AAA’ credit rating could be in jeopardy according to Fitch, a credit rating agency. A report from Fitch released on Thursday said sustained deficits and increased federal debt, combined with provincial debts, have Canada carrying a greater burden of debt than other countries with an ‘AAA’ rating.

A report from payroll company ADP released on Thursday said 36,200 jobs were added to the Canadian economy during February. The gains were led by the professional and business services sector.

Gold was up US$15.80 Thursday morning to US$1,317.50 per ounce.

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