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Canadian Dollar and Business Outlook: Loonie slips

WINNIPEG – The Canadian dollar stepped back on Tuesday after a sell-off in the Chinese market and a record low for United States treasury bond yields dampened the economic outlook.

As of 8:54 a.m. CDT, the loonie was at US$0.7948 or US$1=C$1.2582, compared to US$0.7969 or US$1=C$1.2549 when markets closed on Monday.

Crude oil was mostly lower on Tuesday. Brent crude oil increased one U.S. cent per barrel to US$74.51. West Texas Intermediate (WTI) decreased seven cents to US$71.84/barrel. Western Canadian Select (WCS) lost US$0.34 to US$57.93/barrel.

The TSX/S&P Composite Index dropped 78.03 points at 20,086.93.

Gold went up US$3.69 per ounce to US$1,801.32.

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