Canadian Dollar and Business Outlook: Loonie heading down

By MarketsFarm

WINNIPEG, July 18 (MarketsFarm) – The Canadian dollar was down Thursday morning, as it continues to back away from recent highs that made the country’s exports less appealing.

As of 8:35 CDT, the Canadian dollar was at US$0.7646 or C$1.3076. That compares to Wednesday’s North American close of US$0.7661 or C$1.3053.

Crude oil prices were down slightly due to data from the United States Energy Information Administration. The EIA reported on Wednesday that U.S. gasoline stocks increased by 3.6 million barrels last week. Analysts had forecast a decrease of 925,000 barrels.

Providing support for oil prices were reports that Iran seized an oil tanker in the Strait of Hormuz. Iran said the tanker attempted to smuggle approximately 6,200 barrels when taken in tow on July 14, after it apparently sent out a distress call. Officials with the U.S. said they were unsure if the tanker had been rescued or seized.

West Texas Intermediate crude oil was down 20 cents at US$56.58 per barrel, and Brent crude oil slipped nine cents at US$63.57 per barrel.

At the start of trading the TSX/S&P Composite Index was down 2.73 points at 16,481.48 points.

Gold was down US$3.20 at US$1,420.10 per ounce.

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