By MarketsFarm
WINNIPEG, March 26 (MarketsFarm) – The Canadian dollar was firmer Friday morning, as gains in crude oil helped the energy-linked currency recover from recent weakness.
At 8:54 a.m. CDT Friday morning, the Canadian dollar was at US$0.7957 or US$1=C$1.2568 which compares with Thursday’s North American close of US$0.7933 or US$1=C$1.2606.
The ongoing blockage of the Suez Canal after a container ship ran aground earlier in the week accounted for some of the strength in crude oil, as the major shipping route could be closed for weeks.
West Texas Intermediate crude oil was up by 3.6 per cent in early activity to trade at US$60.65 per barrel.
Renewed optimism over a global economic recovery in the wake of the pandemic was supporting equity markets on Friday.
The TSX was up by 5.64 points at 8:54 CDT, trading at 18,656.74 points.
