Canadian Dollar and Business Outlook: Loonie holding steady

Bounce in crude oil prices

By MarketsFarm

WINNIPEG, Sept. 16 (MarketsFarm) – The Canadian dollar was virtually unchanged on Wednesday morning, as there was little movement in its United States counterpart.

As of 8:37 CDT, the Canadian dollar was at US$0.7589 or C$1.3185, compared to Tuesday’s close of US$0.7590 or C$1.3176.

Benchmark crude oil prices were higher Wednesday morning, due the effects of Hurricane Sally and lower than expected U.S. crude inventories. The American Petroleum Institute reported a decline of 9.5 million barrels.

Brent crude oil gained US$1.00 at US$41.53 per barrel. West Texas Intermediate (WTI) jumped US$1.05 at US$39.33 per barrel. Western Canadian Select (WCS) was up 74 cents at US$31.13 per barrel.

At the start of trading, the TSX/S&P Composite Index edged up 27.37 points at 16,458.64.

Gold was up US$12.55 at US$1,966.70 per ounce.

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