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Canadian Dollar and Business Outlook: Crude pulls loonie downward

Keystone pipeline reopens

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Published: December 15, 2022

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Dec. 15 (MarketsFarm) – The Canadian dollar was stepping back on Thursday morning, as crude oil prices lost a little bit of ground.

As of 8:38 am CST, the loonie was at US$0.7347 or C$1.3608, compared to Wednesday’s close of US$0.7382 or C$1.3547.

On the U.S. Dollar Index, the greenback was relatively steady with a small decline of 0.053 of a point at 103.350.

Benchmark crude oil prices were slightly weaker on Thursday morning, as the U.S. dollar increased in strength. However, the reopening of the Keystone pipeline tempered further declines.

Brent crude oil gave up 38 cents at US$82.32 per barrel. West Texas Intermediate (WTI) shed 41 cents at US$76.87/barrel. Meanwhile, Western Canadian Select (WCS) dipped 33 cents at US$47.10/barrel.

Shortly after Thursday’s open the TSX/S&P Composite Index fell 181.02 points at 19,710.63.

Gold dropped US$27.60 at US$1,791.10 per ounce.

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