Canadian Dollar and Business Outlook: Crude oil pushing up loonie

Biden to kibosh Keystone XL pipeline

By MarketsFarm

WINNIPEG, Jan. 20 (MarketsFarm) – The Canadian dollar was higher on Wednesday morning with gains in crude oil prices, while the United States dollar was slightly higher.

As of 8:44 CST, the Canadian dollar was at US$0.7882 or C$1.2688, compared to Tuesday’s close of US$0.7852 or C$1.2735.

On the U.S. Dollar Index, the greenback made a small gain of 0.079 at 90.555 points.

Benchmark crude oil prices were higher Wednesday morning on expectations that incoming U.S. President Joe Biden will dramatically increase economic stimulus. Those increases were tempered by additional lockdown measures in China and Germany.

Media reports confirmed that the Biden administration will cancel the permit for the Keystone XL pipeline today.

Brent crude oil was up 61 cents at US$56.51 per barrel. West Texas Intermediate (WTI) gained 67 cents at US$53.65/barrel. Western Canadian Select (WCS) rose 64 cents at US$39.89/barrel.

At the opening the TSX/S&P Composite Index was slightly higher by 21.06 points at 17,978.43.

Gold jumped US$19.30 at US$1,859.50 per ounce.

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