Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 28 (MarketsFarm) – The Canadian dollar was virtually unchanged on Wednesday morning, bolstered by the latest Statistics Canada report on retail sales plus gains in crude oil prices. However, a slightly higher United States dollar weighed on the loonie.
As of 8:38 CDT, the Canadian dollar was at US$0.8065 or C$1.2398 compared to Tuesday’s close of US$0.8063 or C$1.2403.
Statistics Canada reported retail sales in February jumped 4.8 per cent at C$55.1 billion. In the federal agency’s preliminary forecast it called for a 2.3 per cent increase in March.
On the U.S. Dollar Index, the greenback nudged higher by 0.118 at 91.015 points.
Benchmark crude oil prices were up on Wednesday morning as demand was projected to increase, despite the global surge of COVID-19 cases.
Brent crude oil rose 62 cents at US$67047 per barrel. West Texas Intermediate (WTI) gained 69 cents at US$63.63/barrel. Western Canadian Select (WCS) was up 28 cents at US$51.41/barrel.
At the opening, the TSX/S&P Composite Index increased 44.36 points at 19.219.45.
Gold lost US$9.00 at US$1,769.80 per ounce.
