Canadian Dollar and Business Outlook: Loonie following TSX

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Published: June 5, 2019

By MarketsFarm

WINNIPEG, June 5 (MarketsFarm) – The Canadian dollar was stronger Wednesday morning, on the gains made by the TSX.

As of 8:30 CDT, the Canadian dollar was at US$0.7477 or C$1.3370. That compares to Tuesday’s North American close of US$0.7455 or C$1.3414.

At the start of trading the TSX/S&P Composite Index was up 44.03 points at 16,210.27 points, due to higher gold prices.

Gold was up US$18.60 at US$1,344.60 per ounce.

Crude oil prices were down this morning as inventories in the United States were larger than expected. Market expectations were for a decrease of almost 850,000 barrels, but American Petroleum Institute reported U.S. crude stocks increased by 3.5 million barrels to 478 million.

West Texas Intermediate crude oil slipped 62 cents this morning at US$52.86 per barrel, while Brent crude oil was down 36 cents at US$61.61 per barrel.

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