Canadian Dollar and Business Outlook: Loonies falls back more

U.S. dollar on the rise

By MarketsFarm

WINNIPEG, Jan. 18 (MarketsFarm) – The Canadian dollar was lower on Monday morning as the United States dollar gained strength.

As of 8:47 CST, the Canadian dollar was at US$0.7829 or C$1.2772, compared to Friday’s close of US$0.7857 or C$1.2727.

On the U.S. Dollar Index, the greenback was up 0.101 at 90.855 points.

Benchmark crude oil prices were slightly lower on Monday morning, as the slow pace of vaccinations against COVID-19 weighed on values. China’s better than expected economic recovery limited those declines.

Brent crude oil was down five cents at US$55.05 per barrel. West Texas Intermediate (WTI) dipped one cent at US$52.35/barrel. However, Western Canadian Select (WCS) lost US$1.13 at US$41.66/barrel.

At the opening the TSX/S&P Composite Index was up 49.06 points at 17,909.03.

Gold was up US$3.50 at US$1,833.40 per ounce.

The U.S. markets are closed for Martin Luther King Jr. Day.

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