Commodities
Loonie Falters as Crude Oil Prices Plummet
The Canadian dollar took a step back on Thursday morning, reversing some of its gains from the previous day. As of 8:41 a.m. CDT, the loonie was trading at US$0.7169 or US$1=C$1.3949, down slightly from Wednesday's close of US$0.7179 or US$1=C$1.3930. The United States Dollar Index also declined by 0.12 points to 99.89.
The decline in the Canadian dollar was partly due to a drop in crude oil prices, which fell on softening demand. Brent crude oil plummeted 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, continued to rise, up 9.68 points at 36,671.82. Gold prices also declined, shedding US$31.60 per ounce at US$4,435.90.