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Canadian Dollar and Business Outlook: Loonie down, crude oil retreats

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Published: December 6, 2022

WINNIPEG – The Canadian dollar lost ground on Tuesday morning.

As of 8:36 a.m. CST, the loonie was at US$0.7339 or US$1=C$1.3626, up from US$0.7390 or US$1=C$1.3532 at Monday’s close. On Wednesday, the Bank of Canada (BoC) is expected to raise its key interest rate one final time before the New Year in an effort to combat inflation. Statistics Canada (StatCan) reported Tuesday that Canada’s trade surplus grew to C$1.2 billion in October compared to C$607 million the previous month. Equifax Canada also reported that Canadian consumer debt rose to C$2.36 trillion, 7.3 per cent higher than last year.

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The United States Dollar Index lost 0.10 of a point at 105.19.

Crude oil continued its declines on Tuesday due to inflation fears and a US$60-per-barrel price cap on Russian oil placed by the European Union and the Group of Seven. Brent crude oil retreated US$0.60 to US$82.08/barrel. West Texas Intermediate (WTI) shed US$0.53 at US$76.40/barrel. Western Canadian Select (WCS) lost US$1.00 to US$48.05/barrel.

The TSX/S&P Composite Index added 5.60 points to 20,247.86.

Gold added US$6.60 per ounce to US$1,787.90.

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