By Commodity News Service Canada
WINNIPEG, July 24 (CNS Canada) The Canadian dollar was stronger Monday morning, as gains in crude oil and favourable domestic data provided support.
At 8:58 CDT Monday morning the Canadian dollar was at US$0.7996 or C$1.2506 which compares with Friday’s North American close of US$0.7969 or C$1.2549.
Canada’s wholesale trade increased by 0.9 per cent in May, 2017, hitting a record C$61.6 billion, according to a report from Statistics Canada. Six of seven subsectors were up, with only ‘machinery, equipment, and supplies’ down 0.3 per cent on the month.
Crude oil prices were higher, as that market reacted to news that Saudi Arabia would cap oil exports at 6.6 million barrels a day in August. That’s down by about a million barrels from the same month a year ago. OPEC and other large oil producing non-OPEC members met in St. Petersburg, Russia today to discuss cuts to production. While Saudi Arabia was cutting exports, Libya and Nigeria both intend to increase output.
The TSX was weaker at 8:58 CDT, down 69.29 points at 15,113.84.
