WINNIPEG – Hours ahead of the federal government unveiling its latest budget in the House of Commons, the Canadian dollar fell further on Thursday.
As of 8:39 a.m. CDT, the loonie was at US$0.7954 or US$1=C$1.2572, compared to Wednesday’s closing value of US$0.7994 or US$1=C$1.2509. The budget reportedly will include a surtax on financial institutions that made huge profits during the COVID-19 pandemic and a partial ban on foreign homebuyers.
The United States Dollar Index lost 0.14 of a point at 99.46.
Benchmark crude oil prices slightly rose as sentiment for potential new sanctions against Russia outweighed that of COVID-19 outbreaks in China. Brent crude oil gained US$0.86 per barrel to US$101.93. Meanwhile, West Texas Intermediate (WTI) added US$0.93 to US$97.16/barrel. Western Canadian Select (WCS) increased US$0.78 to US$84.18/barrel.
The TSX/S&P Composite Index advanced 27.37 points to 21,815.97.
Gold increased US$7.30 per ounce to US$1,930.40.
