Canadian Dollar and Business Outlook: Stronger greenback pushes back loonie

Canadian dollar loses quarter of a cent

By MarketsFarm

WINNIPEG, Nov. 19 (MarketsFarm) – The Canadian dollar was lower Thursday morning as its United States counterpart was stronger.

As of 8:38 CST, the Canadian dollar was at US$0.7630 or C$1.3107, compared to Wednesday’s close of US$0.7655 or C$1.3063.

The U.S. Dollar Index was up 0.334 at 92.645 points as the greenback gained ground against other major global currencies.

Benchmark crude oil prices were slightly lower Thursday morning, with a surge in COVID-19 cases and tighter pandemic restrictions weighing on values. Lingering market optimism towards a coronavirus vaccine and the possibility of OPEC+ extending its production cuts tempered losses.

Brent crude oil lost 17 cents at US$44.17 per barrel. West Texas Intermediate (WTI) was down 21 cents at US$41.61 per barrel. Western Canadian Select (WCS) dropped US$2.22 at US$30.38 per barrel.

At the start of trading, the TSX/S&P Composite Index was down 62.91 points at 16,826.91.

Gold fell US$14.14 at US$1,858.09 per ounce.

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