Canadian Dollar and Business Outlook: Loonie dips, oil surges

WINNIPEG – The Canadian dollar fell slightly on Tuesday morning, but remained above 81 cents U.S.

As of 8:35 a.m. CDT, the loonie was at US$0.8121 or US$1=C$1.2314 compared to US$0.8144 or US$1=C$1.2279 when markets closed on Monday.

Benchmark oil prices continued to rise as the potential for an economic rebound is outweighing demand concerns due to COVID-19 lockdowns. Brent crude moved up by US$1.05 per barrel to US$68.61. West Texas Intermediate (WTI) increased by US$0.96 to US$65.45/barrel. Western Canadian Select (WCS) jumped by US$0.87 at US$53.41/barrel.

The TSX/S&P Composite Index stayed steady on Tuesday morning, only increasing by 4.82 points to 19,217.98.

After a rally on Monday, gold declined by US$3.64 per ounce to US$1,789.24.

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