By MarketsFarm
WINNIPEG, Nov. 22 (MarketsFarm) – The Canadian dollar stepped back on Wednesday morning, the day after finance minister Chrystia Freeland presented her fall fiscal update that provides C$20.6 billion over six years in new spending.
As of 8:37 am CST, the loonie was at US$0.7277 or C$1.3747, compared to Tuesday’s close of US$0.7300 or US$1=C$1.3698. On the U.S. Dollar Index, the greenback gained 0.431 of a point at 103.880.
The Canadian finance department reported on Wednesday a budgetary deficit of C$8.2 billion between April and September. The same six-month period last year saw a surplus of C$1.7 billion.
Benchmark crude oil prices were falling on Wednesday morning, after OPEC+ announced its planned weekend meeting has been pushed back into the following week. Also, the trade has projected a significant increase in U.S. stockpiles.
Brent crude oil retreated US$3.52 at US$78.93 per barrel, and West Texas Intermediate dropped US$3.43 at US$74.34.
Shortly after Wednesday’s open the TSX/S&P Composite Index slipped 52.03 points at 20,057.94.
Gold tacked on 40 cents at US$2,002.00 per ounce.
