By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The Canadian dollar was holding relatively steady Wednesday morning, taking a breather after hitting an eight-week high relative to its United States counterpart on Tuesday.
At 8:48 a.m. CST Wednesday morning the Canadian dollar was trading at US$0.7362 or US$1=C$1.3583, which compares with Tuesday’s close of US$0.7363 or US$1=C$1.3581.
Canada’s current account deficit narrowed to C$3.2 billion on a seasonally adjusted basis in the third quarter, after recording larger deficits the previous two quarters, according to a report from Statistics Canada.
The Organization of Petroleum Exporting Countries and its allies (OPEC+) are set to meet on Thursday to discuss production targets in 2024, with expectations for extended output cuts underpinning energy markets. West Texas Intermediate crude oil was up by 1.19 per cent at US$77.32 per barrel.
The TSX was stronger, up by 33.93 points at 8:47 CST, trading at 20,068.99 points.
