WINNIPEG – The Canadian dollar took a downturn on Friday morning amid concerns regarding a potentially dangerous new COVID-19 variant.
As of 8:33 a.m. CST, the loonie was at US$0.7829 or US$1=C$1.2773, compared to Thursday’s close of US$0.7903 or US$1=C$1.2654. The United Kingdom has banned flights from South Africa and other southern African nations after a new COVID-19 variant was discovered which many fear could be one of the most transmissible and infectious yet.
Coming off Thanksgiving, the United States Dollar Index declined 0.49 of a point to 96.21. U.S. markets will close early today.
Benchmark crude oil prices plunged on Friday morning due to the potential for new COVID-19 shutdowns. Brent crude oil fell US$4.91 per barrel to US$77.31. West Texas Intermediate (WTI) dropped US$5.15 to US$73.24/barrel. Meanwhile, Western Canadian Select (WCS) advanced US$0.89 to US$56.39/barrel.
The TSX/S&P Composite Index lost 339.29 points to 21,273.89.
The drop in oil and stocks was to gold’s benefit, rising US$20.70 per ounce to US$1,807.60.
