Canadian Dollar and Business Outlook: Loonie, gold down

WINNIPEG – The Canadian dollar declined on Friday despite rising oil prices.

As of 8:42 a.m. CDT, the loonie was at US$0.8252 or US$1=C$1.2118 on Friday, compared to US$0.8269 or US$1=C$1.2094 when markets closed on Thursday.

Crude oil prices continued their rise on Friday. Brent crude gained four cents per barrel to US$72.56. West Texas Intermediate (WTI) increased US$0.17 to US$70.46/barrel. Western Canadian Select (WCS) jumped US$0.21 to US$56.37/barrel. The International Energy Agency announced today it predicts global oil demand to recover to pre-pandemic levels next year.

The TSX/S&P Composite Index advanced 47.64 points to 20,097.11 mainly on the strength of oil.

Gold dropped US$13.73 per ounce to US$1,884.78.

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