Canadian Dollar and Business Outlook: Loonie, crude oil on the rise

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Published: September 12, 2023

WINNIPEG – The Canadian dollar continued its upward climb on Tuesday.

The loonie was at US$0.7371 or US$1=C$1.3567, up from US$0.7363 or US$1=C$1.3581 on Monday. The United States Dollar Index strengthened by 0.28 of a point to 104.85.

Crude oil jumped due to high demand and supply cuts from Russia and Saudi Arabia. Brent crude oil rose US$1.11 at US$91.75 per barrel. West Texas Intermediate (WTI) gained US$1.34 at US$88.63/barrel.

The TSX/S&P Composite Index added 34.26 points at 20,217.02.

Gold lost US$16.00 per ounce to US$1,931.20.

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