Canadian Dollar and Business Outlook: Loonie backs away from year’s high

By MarketsFarm

WINNIPEG, July 17 (MarketsFarm) – The Canadian dollar was down Wednesday morning, as the loonie eases away from its 2019 high.

As of 8:44 CDT, the Canadian dollar was at US$0.7653 or C$1.3063. That compares to Tuesday’s North American close of US$0.7662 or C$1.3052.

At the start of trading the TSX/S&P Composite Index was up 18.24 points at 16,520.66 points on the strength of increasing oil prices.

Benchmark crude oil prices were rebounding from yesterday’s losses. However, gains were tempered on data from the American Petroleum Institute, which reported inventories dropped 1.4 million barrels the week ending July 12. Analysts expected the decline to have been approximately twice as large.

West Texas Intermediate crude oil was up 54 cents at US$58.16 per barrel, and Brent crude oil was up 80 cents at US$65.15 per barrel.

Gold was up 40 cents at US$1,411.60 per ounce.

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