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Canadian Dollar and Business Outlook: Loonie surges above 79 U.S. cents

Rise comes despite dip in crude oil

By MarketsFarm

WINNIPEG, Feb. 19 (MarketsFarm) – The Canadian dollar was stronger Friday morning as the loonie’s United States counterpart was lower.

As of 8:40 CST, the Canadian dollar was at US$0.7919 or C$1.2630, compared to Thursday’s close of US$0.7876 or C$1.2696.

On the U.S. Dollar Index, the greenback backtracked 0.285 at 90.315 points.

Benchmark crude oil prices were lower Friday morning, just as oil production facilities in Texas are about to ramp up production after being shut down by freezing weather. A 7.3 million barrel drop in United States crude inventories tempered the price declines.

Brent crude oil was down 39 cents at US$63.54 per barrel. West Texas Intermediate (WTI) lost 57 cents at US$59.95/barrel. Western Canadian Select (WCS) dropped 65 cents at US$47.92/barrel.

At the opening the TSX/S&P Composite Index edged up 45.48 points at 18,319.55.

Gold was up US$5.00 at US$1,780.00 per ounce.

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