Forex
Canadian Dollar, Crude Oil Retreat as Demand Softens
The Canadian dollar took a step back on Thursday morning, retreating from its previous close. The loonie was trading at US$0.7169 or US$1=C$1.3949 as of 8:41 a.m. CDT, down slightly from Wednesday's close of US$0.7179 or US$1=C$1.3930.
The decline in the loonie was mirrored by a drop in crude oil prices. Brent crude fell US$2.24 to US$86.74 per barrel, while West Texas Intermediate dropped US$2.36 to US$80.91/barrel. This decrease is attributed to softening demand following reports of larger crude oil inventories.
The TSX/S&P Composite Index was up 9.68 points at 36,671.82, a small increase amidst the overall market volatility.