By MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – The Canadian dollar was a pinch higher on Monday morning, due to gains in global crude oil prices, but a somewhat stronger United States dollar stymied further upticks.
As of 8:36 am CDT, the loonie was at US$0.7575 or C$1.3201, compared to Friday’s close of US$0.7569 or US$1=C$1.3212. On the U.S. Dollar Index, the greenback advanced 0.227 of a point at 101.0250.
Benchmark crude oil prices were slightly higher on Monday morning, due to tighter supplies but those increases were tempered by an interest rate hike from the U.S. Federal Reserve later this week.
Brent crude oil added 65 cents at US$81.72 per barrel and West Texas Intermediate was up 73 cents at US$77.80. Western Canadian Select gained US$1.05 at US63.97.
Shortly after Monday’s open the TSX/S&P Composite Index inched upward 23.77 points at 20,571.28.
Gold lost US$2.20 at US$1,964.40 per ounce.
