Canadian Dollar and Business Outlook: Loonie leaps past 75 cents

Gold well above US$2,000/ounce

By MarketsFarm

WINNIPEG, Aug. 5 (MarketsFarm) – The Canadian dollar surged past 75 U.S. cents on Wednesday morning, gaining strength from higher crude oil prices and the continued weakness in the United States dollar.

As of 8:56 CDT, the Canadian dollar was at US$0.7549 or C$1.3244, compared to Tuesday’s close of US$0.7478 or C$1.3372.

Benchmark crude oil prices were higher on Wednesday morning, propelled by a significant drop in U.S. oil inventories. The American Petroleum Institute reported those inventories fell by 8.6 million barrels during the week ended Aug. 1 at approximately 520 million barrels.

Brent crude oil gained US$1.48 at US$45.91 per barrel. West Texas Intermediate (WTI) rose US$1.49 at US$43.19 per barrel. Western Canadian Select (WCS) was up US$1.72 at US$32.13 per barrel.

Gold jumped US$26.85 at US$2,046.06 per ounce as a weak U.S. dollar and global economic uncertainty has been fueling its rally.

The TSX/S&P Composite Index was up 110.46 points at 16,478.49.

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