By MarketsFarm
WINNIPEG, July 14 (MarketsFarm) – The Canadian dollar was relatively steady on Friday morning, in light of a slight increase in the United States dollar and minute decreases in global crude oil prices.
As of 8:34 am CDT, the loonie was at US$0.7613 or C$1.3137, compared to Thursday’s close of US$0.7617 or US$1=C$1.3128. On the U.S. Dollar Index, the greenback bumped up 0.164 of a point at 99.620.
Benchmark crude oil prices were slightly lower on Friday morning, as the International Energy Agency said the rate of growth in demand is to slow in 2023. However, production disruptions in Libya and Nigeria as well as cuts in Saudi Arabia and Russia have stymied further declines.
Brent crude oil dipped 24 cents at US$81.12 per barrel and West Texas Intermediate shed 33 cents at US$76.56. Western Canadian Select lost 43 cents US65.00.
Statistics Canada reported that manufacturing sales in May rose 1.2 per cent at nearly C$73 billion.
Shortly after Friday’s open the TSX/S&P Composite Index tacked on 54.48 points at 20,332.12.
Gold was down US$3.60 at US$1,960.20 per ounce.
