Canadian Dollar and Business Outlook: Loonie recovering from losses

C$10.7B in 2Q profits for Canada's big four banks

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Published: May 27, 2021

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, May 27 (MarketsFarm) – After taking a tumble on Wednesday, the Canadian dollar was higher on Thursday morning, following news of C$10.7 billion in second-quarter profits by the country’s top four banks.

As of 8:42 CDT, the Canadian dollar was at US$0.8286 or C$1.2069 compared to Wednesday’s close of US$0.8258 or C$1.2110.

The TD Bank Financial Group reported on Thursday it had a second quarter net income of C$3.7 billion, the Royal Bank of Canada earned C$4 billion, the Canadian Imperial Bank of Commerce reported C$1.7 billion, and the Bank of Montreal came in at C$1.3 billion.

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Meanwhile, on the United States Dollar Index, the greenback nudged higher by 0.015 at 90.045 points.

Benchmark crude oil prices were slightly lower Thursday morning, as the prospect of the U.S. lifting some or all of its sanctions against Iran was becoming more likely. The pressure from that influx of oil was tempered by expectations of increased demand in the U.S. and Europe come summer.

Brent crude oil was slipped 16 cents at US$68.71 per barrel. West Texas Intermediate (WTI) dipped four cents at US$66.17 per barrel. Western Canadian Select (WCS) lost 38 cents at US$51.74 per barrel.

At the opening the TSX/S&P Composite Index bumped up 16.15 points at 19,761.62.

Gold fell US$8.00 at US$1,895.80 per ounce.

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