By MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – The Canadian dollar was weaker Thursday morning due to an upswing in its United States counterpart and a drop in crude oil prices.
As of 8:37 am CDT, the loonie was at US$0.7425 or C$1.3466, compared to Wednesday’s close of US$0.7477 or US$1=C$1.3375. On the U.S. Dollar Index, the greenback gained 0.481 of a point at 101.750.
Benchmark crude oil prices were lower on Thursday morning, due to Saudi Arabia-backed ADES International delaying its initial public offering to the second half of 2023.
Brent crude oil lost US$1.08 at US$75.33 per barrel and West Texas Intermediate (WTI) gave up US$1.14 at US$71.42.
Shortly after Wednesday’s open the TSX/S&P Composite Index slid back 78.23 points at 20,421.08.
Gold was down US$4.30 at US$2,032.80 per ounce.
