By MarketsFarm
WINNIPEG, Jan. 18 (MarketsFarm) – The Canadian dollar was slightly higher on Wednesday morning, due to weakness in the United States dollar and gains in crude oil prices.
As of 8:40 am CST, the loonie was at US$0.7474 or C$1.3376, compared to Tuesday’s close of US$0.7468 or C$1.3390. On the U.S. Dollar Index, the greenback dropped 0.791 of a point at 101.340.
Benchmark crude oil prices strengthened on Wednesday morning, based on the International Energy Agency’s projection that the demand for oil in 2023 will rise to 101.7 million barrels per day, with nearly half going to China.
Brent crude oil added US$1.47 at US$87.39 per barrel. West Texas Intermediate (WTI) gained US$1.63 at US$81.81/barrel. Meanwhile, Western Canadian Select (WCS) nudged up 21 cents at US$58.01/barrel.
Shortly after Tuesday’s open the TSX/S&P Composite Index rose 107.55 points at 20,565.01.
Gold jumped US$13.30 at US$1,923.20 per ounce.
