By Glen Hallick
Glacier FarmMedia – The Canadian dollar dropped more than two-tenths of a cent on Thursday, giving up more ground to an improving United States dollar. The decline was limited by sharp upticks in crude oil.
Since the start of the new year, the Canadian dollar has lost about seven-tenths of a cent.
The loonie closed at US$0.7212 or US$1=C$1.3866 compared to Wednesday’s finish of US$0.7234 or US$1=C$1.3823.
On the U.S. Dollar Index, the greenback climbed 0.248 of a point at 98.670.
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Benchmark crude oil prices jumped on Thursday, due to supply concerns out of Iran, Iraq and Russia, as well as U.S. policy in Venezuela.
West Texas Intermediate gained US$2.55 at US$58.654 per barrel, while Brent crude advanced US$2.88 at US$62.84.
Statistics Canada reported the country had a trade deficit of C$583 million in October. While that retreated from a C$243 million trade surplus in September, exports to the U.S. were around 67 per cent of all exports for the lowest amount since the COVID-19 pandemic.
The TSX Composite Index increased 243.15 points on Thursday to close at 32,378.64.
Gold rose US$24.30 at US$4,486.80 per ounce.
