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Canadian Dollar and Business Outlook: Loonie pushes above 79 U.S. cents

Oil up as Hurricane Nicholas strikes Texas coast

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Sept. 14 (MarketsFarm) – The Canadian dollar was higher on Tuesday morning as the United States dollar pulled back and crude oil prices made gains.

As of 8:35 CDT, the Canadian dollar was at US$0.7924 or C$1.2623 compared to Monday’s close of US$0.7898 or C$1.2662.

On the U.S. Dollar Index, the greenback lost 0.315 at 92.335 points.

Benchmark crude oil prices were on the upswing Tuesday morning, as Hurricane Nicholas made landfall along the Texas coast, posing a threat to oil production facilities that were still getting back up to speed after Hurricane Ida.

West Texas Intermediate (WTI) gained 64 cents at US$71.09 per barrel. Brent crude oil rose 65 cents at US$74.16 per barrel. Western Canadian Select (WCS) was up 43 cents at US$59.40 per barrel.

At the opening the TSX/S&P Composite Index dipped 15.77 points at 20,650.64.

Gold is up US$4.50 at US$1,798.90 per ounce.

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