By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was virtually unchanged on Thursday, buoyed by a sharp drop in the United States dollar while lacking support from crude oil.
The loonie closed at US$0.7084 or US$1=C$1.4116 compared to Wednesday’s close of US$0.7082 or US$1=C$1.4120. On the U.S. Dollar Index, the greenback fell 0.494 of a point at 99.950.
Benchmark crude oil prices held relatively steady on Thursday balanced by concerns of global oversupply and Saudi Arabia cutting its December crude prices while sanctions on Russia take effect on the market.
West Texas Intermediate dipped six cents at US$59.54 and Brent crude shed three cents at US$63.49 per barrel.
The TSX Composite Index dropped 234.89 points on Thursday to close at 29,868.59.
Gold eased back US$5.60 at US$3,987.30 per ounce.
