By Commodity News Service Canada
WINNIPEG, May 15, 2017 (CNS Canada) – The Canadian dollar was higher against its US counterpart in early activity on Monday, underpinned by strength in the crude oil market.
Crude oil futures rallied on Monday, propped up by statements from Russian and Saudi Arabian officials that say a production cap extension is likely.
That underpinned the commodity-linked Canadian dollar.
At 9:05 CDT Monday, the Canadian dollar was at US$0.7336 or US$=C$1.3631, which compares with Friday’s North American close of US$0.7292 or US$1=C$1.3714.
In Canadian domestic data, Canadian refineries received 7.8 million cubic metres of crude oil in February, up 7.1 per cent from the same month in 2016, Statistics Canada said on Monday.
The TSX was down 91.05 points at 9:05 CDT Monday morning to sit at 15,628.93.