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Canadian Dollar and Business Outlook: Loonie slips under 76 U.S. cents

By Commodity News Service Canada

WINNIPEG, Feb. 6 (CNS Canada) – The Canadian dollar was down Wednesday morning and under 76 United States cents following comments from the deputy governor of the Bank of Canada.

At 8:58 CST Wednesday morning the Canadian dollar was at US$0.7584 or C$1.3178, which compares with Tuesday’s North American close of US$0.7614 or C$1.3134.

The TSX/S&P Composite Index was up 5.27 points Wednesday morning at 15,707.96.

In a speech on Wednesday in Washington, D.C. Bank of Canada Deputy Governor Timothy Lane said Canada’s economy is feeling the negative effects of uncertainty surrounding U.S. trade policy and interest rate increases by the U.S. Federal Reserve. Plus lower oil prices and a softer housing market in Canada are contributing factors.

Oil prices are down Wednesday morning. West Texas Intermediate crude is at US$53.29 per barrel after closing Tuesday at US$53.66. Brent crude oil is down this morning 31 cents per barrel to US$61.67.

Gold is down US$1.80 Wednesday morning to US$1,317.40 per ounce.

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