By MarketsFarm
WINNIPEG, Feb. 8 (MarketsFarm) – The Canadian dollar edged up on Wednesday morning due to a small decline in the United States dollar and increases in crude oil prices.
As of 8:35 am CST, the loonie was at US$0.7450 or C$1.3419, compared to Tuesday’s close of US$0.7443 or US$1=C$1.3435. On the U.S. Dollar Index, the greenback slipped 0.153 of a point at 103.145.
Benchmark crude oil prices were higher on Wednesday morning, after U.S. Federal Reserve Chair Jerome Powell said the central bank would continue to raise its key interest rates, but less aggressively.
Brent crude oil gained 78 cents at US$84.47 per barrel. West Texas Intermediate (WTI) advanced 97 cents at US$78.11. Western Canadian Select (WCS) tacked on 58 cents at US$58.89.
Shortly after Tuesday’s open the TSX/S&P Composite Index lost 21.43 points at 20,703.57.
Gold added US$7.80 at US$1,892.60 per ounce.
