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Canadian Dollar and Business Outlook: Loonie holding steady

Despite higher US dollar, lower crude prices

By MarketsFarm

WINNIPEG, Jan. 13 (MarketsFarm) – The Canadian dollar was virtually unchanged Wednesday, as the United States dollar made gains.

As of 8:43 CST, the Canadian dollar was at US$0.7849 or C$1.2743, compared to Tuesday’s close of US$0.7846 or C$1.2746.

On the U.S. Dollar Index, the greenback was up 0.301 at 90.365 points.

Benchmark crude oil prices were lower Wednesday morning, as concerns over the U.S. ramping up shale oil production weighed on values.

Brent crude oil dropped 48 cents at US$56.10 per barrel. West Texas Intermediate (WTI) was down 34 cents at US$52.87 per barrel. Meanwhile, Western Canadian Select (WCS) was up 34 cents at US$40.99 per barrel.

The TSX/S&P Composite Index opened flat with an increase of 4.52 points at 17,990.32.

Gold was up 18 cents at US$1,854.95 per ounce.

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