Canadian Dollar Falters as Oil Prices Plummet
The Canadian dollar lost some ground on Thursday after new economic data was released in the United States. The loonie finished at US$0.7175 or US$1=C$1.3938, down slightly from its previous value of US$0.7179 or US$1=US$1.3930.
The U.S. Dollar Index also declined by 0.05 of a point to 99.96. The Labor Department reported that the annual inflation rate in the United States dropped by 0.1 of a point to 3.4 per cent in July.
Crude oil prices fell on Thursday due to concerns about demand and data showing larger crude oil inventories. West Texas Intermediate lost US$2.11 per barrel, dropping to US$81.16, while Brent crude oil declined by US$2.03/barrel at US$86.95.
The stock market, however, reached new heights, with the TSX/S&P Composite Index setting a record high of 36,763.81 points before closing at 36,759.29. The S&P 500 also hit an all-time high of 7,816.70 points before settling at 7,798.99.
Gold prices also declined, losing US$61.70 per ounce to finish at US$4,405.80.