Canadian Dollar and Business Outlook: Weaker greenback pushes loonie back above 75 U.S. cents

By MarketsFarm

WINNIPEG, Oct. 30 (MarketsFarm) – The Canadian dollar gained more than a quarter of a cent on Friday morning, as its United States counterpart slipped back.

As of 8:40 CDT, the Canadian dollar was at US$0.7518 or C$1.3304, compared to Thursday’s close of US$0.7491 or C$1.3349.

The U.S. Dollar Index dipped 0.182 putting the greenback at 93.795 points.

Statistics Canada reported this morning that the country’s GDP increased by 1.2 per cent August compared to 3.1 per cent in July. The trend of slower economic growth was expected to continue due the COVID-19 pandemic, with the federal agency forecasting Canada’s GDP to rise by 0.7 per cent in September.

Benchmark crude oil prices were lower Friday morning, as market concerns over reduced demand due to the pandemic weighed on values.

Brent crude oil slipped 10 cents at US$37.55 per barrel. West Texas Intermediate (WTI) lost 37 cents at US$35.80 per barrel. Western Canadian Select (WCS) was down 55 cents at US$25.70 per barrel.

At the start of trading, the TSX/S&P Composite Index slipped 42.51 points at 15,628.19.

Gold jumped US$19.19 at US$1,886.78 per ounce.

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