Canadian Dollar and Business Outlook: Loonie lower, crude oil makes gains

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Published: June 15, 2023

WINNIPEG – The Canadian dollar eased off on Thursday morning, but remained above the 75 United States cent mark.

The loonie was at US$0.7515 or US$1=C$1.3307, down from US$0.7520 or US$1=C$1.3298 on Wednesday.

The U.S. Dollar Index declined 0.23 of a point at 102.72. The Federal Reserve announced on Wednesday it was leaving its key interest rates unchanged, while also indicating it will raise rates two more times later this year.

Crude oil was on the rise on Thursday. Brent crude oil was US$0.99 higher at US$74.19 per barrel. West Texas Intermediate (WTI) added US$0.93 at US$69.20/barrel.

The TSX/S&P Composite Index dropped 51.22 points to 19,963.87.

Gold fell US$14.60 per ounce to US$1,954.30.

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