Canadian Dollar and Business Outlook: Loonie closer to 83 cents U.S.

WINNIPEG – The Canadian dollar is back on an upward path as it approaches the 83 cents U.S. mark.

As of 8:38 a.m. CDT, the loonie was at US$0.8270 or US$1=C$1.2092 compared to US$0.8230 or US$1=C$1.2150 when markets closed on Thursday. The Canadian dollar is at its highest level since 2015. The United States Commerce Department announced today retail sales went up by 10.7 per cent in March compared to February.

Benchmark oil prices increased on Friday as the Colonial Pipeline continues to operate on a reduced capacity while it recovers from a cyber attack last week. Brent crude gained US$1.11 per barrel to US$68.16. West Texas Intermediate (WTI) advanced by US$0.93 to US$64.75/barrel. Western Canadian Select (WCS) went up by US$0.74 at US$51.63/barrel.

The TSX/S&P Composite Index jumped by 95.34 points to 19,231.15. Today, railway Kansas City Southern announced it intends to accept a US$33.6 billion merger offer from Canadian National Railway, but will give Canadian Pacific Railway until May 21 to submit a better offer.

Gold surged by US$13.36 per ounce to US$1,840.08.

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