Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 23 (MarketsFarm) – The Canadian dollar was virtually unchanged on Wednesday morning, balanced off by a weaker United States dollar providing support while declines in crude oil weighed on values.
As of 8:36 am CST, the Canadian dollar was at US$0.7464 or C$1.3391, compared to Tuesday’s close of US$0.7465 or C$1.3396.
On the U.S. Dollar Index, the greenback stepped back 0.395 of a point at 106.725.
Benchmark crude oil prices were lower on Wednesday morning as the European Union is considering a price cap on Russian oil, reportedly between US$65 and US$70 per barrel.
Brent crude oil dropped US$2.89 at US$85.47 per barrel. West Texas Intermediate (WTI) gave up US$2.60 at US$78.35/barrel. Western Canadian Select (WCS) was down US$2.68 at US$51.34/barrel.
Shortly after Tuesday’s open the TSX/S&P Composite Index was rather flat with a small gain of 18.06 points at 20,238.07.
Gold dipped 80 cents at US$1,739.10 per ounce.
