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Canadian Dollar and Business Outlook: Loonie eases off, crude oil falls

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Published: June 12, 2023

WINNIPEG – The Canadian dollar seemingly avoided the 75 United States cent mark on Monday morning.

The loonie was at US$0.7492 or US$1=C$1.3348, down from US$0.7496 or US$1=C$1.3341 on Friday. The U.S. Dollar Index dropped 0.10 of a point at 103.46.

Crude oil plunged after Goldman Sachs Group Inc. cut its price forecast for crude oil to US$86 at the end of the year, due to rising supplies and weaker demand. Brent crude oil dropped US$1.94 to US$72.85 per barrel. West Texas Intermediate (WTI) lost US$2.15 at US$68.02/barrel.

The TSX/S&P Composite Index shed 84.82 points to 19,807.24.

Gold eased off US$5.70 per ounce to US$1,971.50.

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