Canadian Dollar and Business Outlook: Loonie nudges higher

U.S. greenback slips

By MarketsFarm

WINNIPEG, Jan. 19 (MarketsFarm) – The Canadian dollar was slightly higher on Tuesday morning as it’s United States counterpart lost ground.

As of 8:40 CST, the Canadian dollar was at US$0.7847 or C$1.2744, compared to Monday’s close of US$0.7836 or C$1.2762.

On the U.S. Dollar Index, the greenback was down 0.359 at 90.395 points.

Benchmark crude oil prices were higher on Tuesday morning as optimism towards government stimulus will bolster the global economy. Gains were tempered by ongoing concerns towards the rising number of COVID-19 cases.

Brent crude oil jumped 97 cents at US$55.72 per barrel. West Texas Intermediate (WTI) gained 46 cents at US$52.82/barrel. Western Canadian Select (WCS) was up six cents at US$41.72/barrel.

At the opening the TSX/S&P Composite Index was up 28.57 points at 17,973.45.

Gold rose US$11.50 at US$1,841.40 per ounce.

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