Canadian Dollar and Business Outlook: Loonie pushing towards 75 U.S. cents

WINNIPEG – The Canadian dollar was stronger on Thursday morning, benefitting from a lower United States dollar and despite losses in crude oil.

The U.S. markets are closed today for the Thanksgiving holiday.

As of 8:35 am CST, the Canadian dollar was at US$0.7497 or C$1.3342, compared to Wednesday’s close of US$0.7467 or C$1.3392.

On the U.S. Dollar Index, the greenback eased back 0.332 of a point at 105.635.

Benchmark crude oil prices were lower on Thursday morning as the European Union has yet to agree on price cap levels for their Russian oil imports.

Brent crude oil gave up 80 cents at US$84.61 per barrel. West Texas Intermediate (WTI) shed 34 cents at US$77.60/barrel. Western Canadian Select (WCS) dropped US$3.27 at US$50.75/barrel.

Shortly after Thursday’s open the TSX/S&P Composite Index bumped up 62.25 points at 20,282.26.

Gold increased US$11.00 at US$1,771.40 per ounce.