Commodities
Loonie Fades as Crude Oil Prices Plummet Amid Inventory Surprise
The Canadian dollar declined on Thursday morning, retreating from its previous close. The loonie traded at US$0.7169 or US$1=C$1.3949 as of 8:41 a.m. CDT, down slightly from Wednesday's closing price of US$0.7179 or US$1=C$1.3930.
The decline in the Canadian dollar was mirrored by a drop in crude oil prices due to softening demand after larger-than-expected inventories were reported. Brent crude oil fell US$2.24 at US$86.74 per barrel, while West Texas Intermediate dropped US$2.36 at US$80.91/barrel.
The TSX/S&P Composite Index, however, showed resilience, rising 9.68 points to 36,671.82. Meanwhile, gold prices also decreased, shedding US$31.60 per ounce to US$4,435.90.