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Canadian Dollar and Business Outlook: Loonie gets nudge from stock market

Meanwhile crude oil steady to higher

Compiled by MarketsFarm

WINNIPEG, March 1 (MarketsFarm) – The Canadian dollar was slightly higher Monday morning, due to gains in the futures market.

As of 8:48 CST, the Canadian dollar was at US$0.7900 or C$1.2659, compared to Friday’s close of US$0.7883 or C$1.2685.

At the opening the TSX/S&P Composite Index jumped 223.42 points at 18,283.68.

Benchmark crude oil prices were steady to higher Monday morning, getting support from optimism towards COVID-19 vaccines, as well as U.S. President Joe Biden’s US$1.9 trillion relief package being passed in the House of Representatives. However, the rising number of coronavirus cases tempered larger gains.

Brent crude oil gained 26 cents at US$64.68 per barrel. West Texas Intermediate (WTI) dipped one cent at US$61.49/barrel. Western Canadian Select (WCS) nudged higher seven cents at US$50.75/barrel.

Gold was up US$11.10 at US$1,739.90 per ounce.

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