WINNIPEG – The Canadian dollar dropped below the 80 United States cent mark despite good economic news on Thursday.
As of 8:36 a.m. CDT, the loonie was at US$0.7988 or US$1=C$1.2519, compared to US$0.8019 or US$1=C$1.2470 on Wednesday. Statistics Canada reported on Thursday that the country’s economy grew an estimated 0.8 per cent in February, which could precede an expected key interest rate hike by the Bank of Canada next month.
The United States Dollar Index gained 0.47 of a point at 98.27.
Benchmark crude oil prices retreated after reports the U.S. is considering releasing one million more barrels of oil per day into the market from its strategic reserves for several months. Brent crude oil lost US$4.94 per barrel to US$108.51. West Texas Intermediate (WTI) dropped US$4.46 to US$103.36/barrel. Western Canadian Select (WCS) fell US$3.96 to US$92.40/barrel.
The TSX/S&P Composite Index gained 78.00 points to 22,153.96.
Gold increased US$3.20 per ounce to US$1,942.20.
