By MarketsFarm
WINNIPEG, Nov. 30 (MarketsFarm) – The Canadian dollar was stronger Wednesday morning, seeing a modest correction after falling to four-week lows relative to its United States counterpart on Tuesday.
At 8:41 a.m. CST Wednesday morning the Canadian dollar was at US$0.7409 or US$1=C$1.3497, which compares with Tuesday’s close of US$0.7365 or US$1=C$1.3578.
Gains in crude oil helped underpin the energy-linked Canadian currency. Declining U.S. inventories and expectations for easing COVID-19 restrictions in China accounted for some of the early strength in oil, although uncertainty ahead of an OPEC+ meeting this weekend kept some caution in the market.
West Texas Intermediate was up by 3.5 per cent at US$80.95 per barrel.
The TSX was up by 81.25 points at 8:41 CST, trading at 20,358.66 points.
