Canadian Dollar and Business Outlook: Loonie continues to retreat

Crude oil mixed Friday morning

By MarketsFarm

WINNIPEG, June 26 (MarketsFarm) – The Canadian dollar was down on Friday morning, getting little direction from crude prices.

As of 8:40 CDT, the Canadian dollar was at US$0.7313 or C$1.3677, compared to Thursday’s close of US$0.7329 or C$1.3645.

Benchmark crude oil prices were either side of steady Friday morning after making gains yesterday. Pressure came from the continuing surge in reported cases of COVID-19 and reports that the United States is set to increase its oil production.
However, optimism that the demand for oil will soon increase provided support.

Brent crude oil edged up seven cents at US$41.12 per barrel. West Texas Intermediate (WTI) slipped 12 cents at US$38.610 per barrel. Western Canadian Select (WCS) lost 85 cents at US$29.25 per barrel.

At the opening, the TSX/S&P Composite Index lost 72.83 points at 15,373.31.

Gold was down US$7.77 at US$1,756.02 per ounce.

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