Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 7 (MarketsFarm) – The Canadian dollar was slightly higher on Monday morning, as support from a weaker United States dollar outweighed pressure from lower crude oil prices.
As of 8:36 am CDT, the Canadian dollar was at US$0.7415 or C$1.3486, compared to Friday’s close of US$0.7398 or C$1.3517.
On the U.S. Dollar Index, the greenback fell 0.559 of a point at 110.215.
Benchmark crude oil prices were relatively steady on Monday morning, due the weaker U.S. dollar but gains were tempered as China announced it will not ease its Zero-COVID policy after cases hit a six-month high.
Brent crude oil nudged up one cent at US$98.58 per barrel. West Texas Intermediate (WTI) rose 11 cents at US$92.72/barrel. Meanwhile, Western Canadian Select (WCS) dipped 11 cents at US$63.52/barrel.
Shortly after the open the TSX/S&P Composite Index tacked on 78.22 points at 19,528.03.
Gold added US$6.10 at US$1,682.70 per ounce.
