By MarketsFarm
WINNIPEG, Dec. 1 (MarketsFarm) – The Canadian dollar was stronger Thursday morning, as gains in crude oil and broad weakness in the United States dollar internationally provided support.
At 8:35 a.m. CST Thursday morning the Canadian dollar was at US$0.7449 or US$1=C$1.3425, which compares with Wednesday’s close of US$0.7403 or US$1=C$1.3508.
Comments from United States Federal Reserve chair Jerome Powell on Wednesday indicating the U.S. central bank would be taking a less aggressive stance on interest rate hikes going forward weighed on that country’s currency.
Meanwhile, expectations that China may be easing its strict COVID-19 restrictions underpinned crude oil, although uncertainty ahead of an OPEC+ meeting this weekend kept some caution in the market.
West Texas Intermediate was up by 2.4 per cent at US$82.46 per barrel.
The TSX was up by 83.94 points at 8:35 CST, trading at 20,537.20 points.
