Canadian Dollar and Business Outlook: Loonie, crude oil rebound

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Published: June 13, 2023

WINNIPEG – The Canadian dollar sat above the 75 United States cent mark after a jump in crude oil prices on Tuesday morning.

The loonie was at US$0.7502 or US$1=C$1.3330, down from US$0.7482 or US$1=C$1.3366 on Monday.

The U.S. Dollar Index dropped 0.45 of a point at 103.21. The U.S. Bureau of Labor Statistics announced on Tuesday that the annual inflation rate declined to four per cent, the lowest level since March 2021.

Crude oil rebounded after China implemented a short-term interest rate cut and is now considering economic stimulus measures. Brent crude oil rose US$2.06 to US$73.90 per barrel. West Texas Intermediate (WTI) gained US$1.88 at US$69.00/barrel.

The TSX/S&P Composite Index added 98.68 points to 20,019.99.

Gold advanced US$3.80 per ounce to US$1,973.50.

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