Canadian Dollar Slightly Lower as Crude Oil Prices Retreat

The Canadian dollar declined slightly on Thursday following the release of US economic data.

The loonie closed at US$0.7175 or US$1=C$1.3938, down from Wednesday's rate of US$0.7179 or US$1=US$1.3930.

Crude oil prices fell due to demand concerns and inventory data, with West Texas Intermediate dropping to US$81.16 per barrel, a loss of US$2.11, and Brent crude declining to US$86.95 per barrel, down US$2.03.

The TSX/S&P Composite Index reached a new record high at 36,763.81 points before settling at 36,759.29, up 97.15 points from Wednesday's close.