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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, June 20 (MarketsFarm) The Canadian dollar was stronger on Thursday morning, following a jump in oil prices.

At 8:45 CDT Tuesday morning, the Canadian dollar was at US$0.7598 or C$1.3161, which compares with Tuesday’s North American close of US$0.7495 or C$1.3343.

Oil prices surged after reports that Iran shot down a United States military drone, which stoked tensions between the two countries and raised concerns of military confrontation.

Iran and the U.S. disagree on where the drone was shot down, as Iran said the “intruding American spy drone” was in the country’s territory, but the U.S. said it occurred in international airspace over the Strait of Hormuz, a vital international shipping route.

At 8:45 CDT the TSX gained at 8:45 CDT, up 72.42 points at 16,4584.21. The S&P 500 Index was up 28.08 points to hit 2,954.98. Similarly, the Dow Jones jumped 250.38 points at 26,759.12. The NASDAQ gained 92.25 to hit 8,075.80.

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Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

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