Canadian Dollar and Business Outlook: Loonie dips as greenback gains

And despite higher crude prices

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, March 3 (MarketsFarm) – The Canadian dollar was lower Wednesday morning, as its United States counterpart was higher.

As of 8:49 CST, the Canadian dollar was at US$0.7902 or C$1.2647, compared to Tuesday’s close of US$0.7920 or C$1.2626.

On the U.S. Dollar Index, the greenback was up 0.205 at 90.995 points, gaining some ground against six other major world currencies, including the loonie.

Benchmark crude oil prices were higher Wednesday morning, as speculation has the OPEC+ alliance rolling their production cuts into April instead of increasing production. The alliance is scheduled to meet on Thursday to discuss the matter. Additional support came from progress being made in the rollout of COVID-19 vaccines in the U.S.

Brent crude oil rose 97 cents at US$63.67 per barrel. West Texas Intermediate (WTI) gained US$1.04 at US$60.79/barrel. Western Canadian Select (WCS) jumped US$1.17 at US$49.66/barrel.

At the opening the TSX/S&P Composite Index was flat with a small increase of 2.92 points at 18,424.52.

Gold dropped US$20.70 at US$1,712.90 per ounce.

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