Canadian Dollar and Business: Higher crude oil gives boost to loonie
Greenback makes small gains
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was slightly higher on Thursday morning, getting strength from increases in global crude oil prices.
As of 8:40 am CDT, the loonie was at US$0.7369 or US$1=C$1.3570 compared to Wednesday’s close of US$0.7360 or C$1.3587. On the U.S. Dollar Index, the greenback tacked on 0.086 of a point at 104.150.
Benchmark crude oil prices were higher on Thursday morning, as OPEC+ production cuts of two million barrels per day being extended into June were felt in the market.
Brent crude oil added US$1.20 at US$87.29 per barrel and West Texas Intermediate gained US$1.09 at US$82.44.
Shortly after Thursday’s open the TSX/S&P Composite Index was up 51.29 points at 22,158.37.
Gold advanced US$19.50 at US$2,232.20 per ounce.
The markets will be closed tomorrow for Good Friday.
