Canadian Dollar and Business Outlook: Loonie falls back to 70-cent mark

Crude up, but market flooded

By MarketsFarm

WINNIPEG, March 31 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning, as it hovered around 70 U.S. cents.

As of 8:41 CDT, the Canadian dollar was at US$0.6999 or C$1.4283, compared to Monday’s close of US$0.7064 or C$1.4156.

Crude oil prices were slightly higher Tuesday morning, gaining some strength on positive manufacturing data in China. However, the world remains flooded with crude, as refineries around the world are either scaling back production or shutting down. Also, storage facilities are expected to be full by mid-May, an analyst told Bloomberg.

Brent crude oil was up 34 cents at US$23.10 per barrel and West Texas Intermediate (WTI) rose 87 cents at US$20.96 per barrel. Western Canadian Select (WCS) gained 30 cents at US$4.56 per barrel.

The TSX/S&P Composite Index opened with a gain of 126.89 points at 13,165.39.

Gold was down US$12.89 at US$1,609.61 per ounce.

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