By MarketsFarm
WINNIPEG, July 31 (MarketsFarm) – The Canadian dollar was on the rise Monday morning, gleaning support from upticks in global crude oil prices, but stymied by slight gains in the United States dollar.
As of 8:44 am CDT, the loonie was at US$0.7581 or C$1.3186, compared to Friday’s close of US$0.7557 or US$1=C$1.3232. On the U.S. Dollar Index, the greenback inched up 0.046 of a point at 101.445.
Benchmark crude oil prices were slightly higher on Monday morning, following a Goldman Sachs report that stated oil demand is to reach an all-time high of 102.8 million barrels per day. However, global economic uncertainty weighed on values.
Brent crude oil tacked on 44 cents at US$85.43 per barrel and West Texas Intermediate gained 75 cents at US$81.33. Western Canadian Select added 73 cents US65.75.
Shortly after Monday’s open the TSX/S&P Composite Index advanced 127.23 points at 20,646.60.
Gold was up US$6.00 at US$2,005.90 per ounce.
