Canadian Dollar Down as Oil Prices Slide Amid Demand Concerns

The Canadian dollar lost some ground on Thursday following the release of US economic data.

The loonie finished at US$0.7175 or US$1=C$1.3938, a slight drop from the previous day's rate of US$0.7179 or US$1=US$1.3930.

Crude oil prices took a hit due to concerns over demand and inventory levels. West Texas Intermediate dropped US$2.11 per barrel at US$81.16, while Brent crude oil declined US$2.03/barrel at US$86.95.

The TSX/S&P Composite Index reached an all-time high before settling at 36,759.29 points, up 97.15 points from Wednesday. The S&P 500 also set a new record at 7,816.70 points before closing at 7,798.99 points.