Canadian Dollar and Business Outlook: Loonie, TSX moving up

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Published: May 31, 2021

WINNIPEG – The Canadian dollar is staying mostly steady as it approaches the 83-cent United States mark.

As of 8:41 a.m. CDT, the loonie was at US$0.8277 or US$1=C$1.2082 compared to US$0.8274 or US$1=C$1.2086 when markets closed on Friday. The Organization for Economic Co-operation and Development (OECD) improved its outlook for the Canadian economy on Monday, predicting growth of 6.1 per cent this year and 3.8 per cent in 2022.

Increasing fuel demand in June is raising prices for crude oil. Brent crude gained US0.91 per barrel to US$69.63. West Texas Intermediate (WTI) advanced by US$0.93 to US$67.25/barrel. However, Western Canadian Select (WCS) declined by 0.61 points to 52.25.

The TSX/S&P Composite Index is flirting with record highs, gaining 13.12 points to 19,865.30. Markets in both the U.S. and the United Kingdom are closed on Monday due to Memorial Day and a bank holiday, respectively.

Gold moved up by US$1.89 per ounce to US$1,905.67.

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