Your Reading List

Canadian Dollar and Business Outlook: Loonie holding course

Greenback inches up, crude oils inches back

Reading Time: < 1 minute

Published: November 8, 2022

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Nov. 8 (MarketsFarm) – The Canadian dollar was virtually unchanged on Tuesday morning, balanced off between upticks in the United States dollar and declines in crude oil.

As of 8:34 am CST, the Canadian dollar was at US$0.7413 or C$1.3490, compared to Monday’s close of US$0.7411 or C$1.3493.

On the U.S. Dollar Index, the greenback bumped up 0.172 of a point at 110.165.

Benchmark crude oil prices were relatively steady on Tuesday morning, as China’s lack of clarity over its COVID policy weighed on values. However, those declines were tempered by expectations that coming OPEC+ production cuts will push oil upward.

Brent crude oil nudged up three cents at US$97.95 per barrel. West Texas Intermediate (WTI) dipped 18 cents at US$91.61/barrel. Western Canadian Select (WCS) gave up 70 cents at US$62.57/barrel.

Shortly after the open the TSX/S&P Composite Index tacked on 11.75 points at 19,557.66.

Gold was down US$2.80 at US$1,677.70 per ounce.

About the author

GFM Network News

GFM Network News

Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

explore

Stories from our other publications