Canadian Dollar and Business Outlook: Loonie, crude oil make small gains

Reading Time: < 1 minute

Published: December 7, 2022

WINNIPEG – The Canadian dollar made a small gain on Wednesday morning before an announcement from the Bank of Canada (BoC).

The loonie was at US$0.7332 or US$1=C$1.3639, up from US$0.7327 or US$1=C$1.3649 at Tuesday’s close. Later today, the BoC is expected to raise its key interest rate one final time before the New Year in an effort to combat inflation.

The United States Dollar Index lost 0.48 of a point at 105.10.

Crude oil showed positive movement as the loosening of COVID-19 restrictions in China were weighed against lower demand for 2023. Brent crude oil increased US$0.73 to US$80.08/barrel. West Texas Intermediate (WTI) added US$0.55 at US$74.80/barrel. However, Western Canadian Select (WCS) lost US$0.03 to US$46.86/barrel.

The TSX/S&P Composite Index gained 59.84 points to 20,050.01.

Gold rose US$8.90 per ounce to US$1,791.30.

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