Canadian Dollar and Business Outlook: Loonie retreats a little

Crude oil, TSX begin higher

By MarketsFarm

WINNIPEG, Aug. 6 (MarketsFarm) – The Canadian dollar eased back on Thursday morning, despite increases in crude oil and the TSX.

As of 8:37 CDT, the Canadian dollar was at US$0.7527 or C$1.3284, compared to Wednesday’s close of US$0.7540 or C$1.3262.

Benchmark crude oil prices were slightly higher on Thursday morning, following news that Iraq will cut production 400,000 barrels per day during August on top of its current reduction of 1.06 million barrels.

Brent crude oil gained 41 cents at US$45.58 per barrel. West Texas Intermediate (WTI) rose 35 cents at US$42.54 per barrel. Meanwhile, Western Canadian Select (WCS) was up 23 cents at US$30.39 per barrel.

Gold increased by US$19.84 at US$2,057.96 per ounce.

At the opening, the TSX/S&P Composite Index was up 46.85 points at 16,578.46.

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