Canadian Dollar and Business Outlook: Loonie losing ground to U.S. greenback

Oil up as China buys 900 million barrels

By MarketsFarm

WINNIPEG, April 2 (MarketsFarm) – The Canadian dollar was lower Thursday morning, as the United States dollar has been gaining strength with investors fearful of a global recession.

As of 8:44 CDT, the Canadian dollar was at US$0.7002 or C$1.4277, compared to Wednesday’s close of US$0.7034 or C$1.4217.

Benchmark crude oil prices were higher Thursday morning on reports that China is purchasing approximately 900 million barrels of oil to shore up its state reserves. Also supportive today are comments from United States President Donald Trump that the Saudi Arabia/Russia crude oil price war may end within days.

Brent crude oil gained US$1.94 at US$26.68 per barrel, while West Texas Intermediate (WTI) rose US$1.86 at US$22.17 per barrel. Western Canadian Select (WCS) was up 57 cents at US$5.86 per barrel.

The TSX/S&P Composite Index opened with a gain of 107.45 points at 12,983.82.

Gold was up US$10.45 at US$1,601.96 per ounce.

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