Canadian Dollar and Business Outlook: Loonie gets boost from crude oil

Fires in Alberta curtailing Canadian oil

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Published: May 8, 2023

By MarketsFarm

WINNIPEG, May 8 (MarketsFarm) – The Canadian dollar pushed above 75 U.S. cents on Monday morning, due to the upswing in crude oil prices.

As of 8:35 am CDT, the loonie was at US$0.7502 or C$1.3328, compared to Friday’s close of US$0.7448 or US$1=C$1.3427. On the U.S. Dollar Index, the greenback slipped 0.104 of a point at 100.895.

Benchmark crude oil prices were higher on Monday morning, as concerns over the looming global recession appear to be overdone, and actual demand is stronger than what analysts believe it has been.

Wildfires in Alberta have shutdown a number of oil and gas facilities, reducing production and exports.

Brent crude oil gained US$1.85 at US$77.15 per barrel and West Texas Intermediate (WTI) advanced US$2.04 at US$73.38.

Shortly after Monday’s open the TSX/S&P Composite Index bumped up 62.61 points at 20,604.64.

Gold added US$4.90 at US$2,029.70 per ounce.

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