WINNIPEG – The Canadian dollar slipped back on Friday as fears of both the Omicron COVID-19 variant and new hawkish monetary policy takes hold on the markets.
As of 8:35 a.m. CST, the loonie was at US$0.7794 or US$1=C$1.2830, compared to Thursday’s close of US$0.7824 or US$1=C$1.2782.
The United States Dollar Index increased 0.12 of a point to 96.16. On Wednesday, the U.S. Federal Reserve announced its plans for three interest rate hikes in 2022.
Benchmark crude oil prices took a tumble on Friday as the Omicron variant negatively affects demand. Brent crude oil dropped US$1.20 per barrel to US$73.82. West Texas Intermediate (WTI) retreated US$1.06 to US$71.32/barrel. Western Canadian Select (WCS) declined US$0.83 to US$56.04/barrel.
The TSX/S&P Composite Index fell 126.63 points at 20,613.15.
Gold gained US$9.00 per ounce to US$1,807.20.
