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Canadian Dollar and Business Outlook: Loonie, oil in opposite directions

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Published: November 15, 2021

WINNIPEG – The Canadian dollar has made its way closer to the 80-cent United States mark on Monday morning.

As of 8:35 a.m. CST, the loonie was at US$0.7993 or US$1=C$1.2511, compared to Friday’s close of US$0.7959 or US$1=C$1.2565.

The U.S. Dollar Index was down 0.03 of a point to 95.10. President Joe Biden will sign his US$1 trillion infrastructure bill, which received bipartisan support, at a ceremony on Monday.

Benchmark crude oil prices were on the decline on Monday after calls from U.S. Senate Majority Leader Chuck Schumer to open the country’s strategic petroleum reserves. Brent crude oil retreated US$0.98 per barrel to US$81.19. West Texas Intermediate (WTI) dropped US$1.21 to US$79.58/barrel. Western Canadian Select (WCS) slipped US$0.81 to US$60.06/barrel.

The TSX/S&P Composite Index shed 77.05 points at 21,691.48.

Gold lost US$2.40 per ounce to US$1,866.10.

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