Canadian Dollar and Business Outlook: Loonie holding firm Tuesday

By MarketsFarm

WINNIPEG, July 16 (MarketsFarm) – The Canadian dollar was steady Monday morning, as oil prices were virtually unchanged.

As of 8:44 CDT, the Canadian dollar was at US$0.7668 or C$1.3038. That compares to Monday’s North American close of US$0.7669 or C$1.3039.

Crude oil prices were steady this morning, with oil production in the Gulf of Mexico resuming after Hurricane Barry and an increase in United States supply from shale oil. The gains were tempered by high tensions between Iran and the U.S.

West Texas Intermediate crude oil was up two cents at US$59.60 per barrel, and Brent crude oil was also up two cents at US$66.50 per barrel.

At the start of trading the TSX/S&P Composite Index was down 27.83 points at 16,482.99 points.

Gold was down US$2.10 at US$1,411.40 per ounce.

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