By Commodity News Service Canada
WINNIPEG, August 18 (CNS Canada) The Canadian dollar strengthened against its US counterpart Thursday morning, rising with crude oil futures.
Crude oil traded above US$50 a barrel for the first time in six weeks, as investors await upcoming talks to possibly freeze output levels, giving the loonie a boost.
OPEC (Organization of the Petroleum Exporting Countries) and other key exporters plan to revive talks on freezing output levels when they meet on the sidelines of the International Energy Forum next month in Algeria.
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The US Federal Reserve’s July meeting showed policymakers were divided on an interest rate hike in the near term, weighing on the greenback.
Officials were generally upbeat about the US economy but some expressed need for more data pointing to strength before increasing interest rates, adding some additional support to the Canadian dollar.
Traders have mostly ruled out a hike in September, and now have estimated a 41.7 per cent change for an increase in December, down from 45.1 per cent on Wednesday.
At 8:53 CDT Thursday, the Canadian dollar was at US$0.7802 or US$=C$1.2817, which compares with Wednesday’s North American close of US$0.7778 or US$1=C$1.2856.
The TSX was up 1.79 points, or 0.02 per cent, at 8:53 CDT Thursday morning to sit at 14,699.39.
