By MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – The Canadian dollar was slightly higher on Friday morning, benefitting from a pull back in the United States dollar, but that support was tempered by lower crude oil prices.
As of 8:34 am CDT, the loonie was at US$0.7283 or C$1.3738, compared to Thursday’s close of US$0.7276 or US$1=C$1.3744. On the U.S. Dollar Index, the greenback was down 0.222 of a point at 103.870.
Benchmark crude oil prices were lower on Friday morning following the financial lifeline 11 U.S. banks gave to the First Republic bank. However, news that Russia and Saudi Arabia are set to discuss oil production tempered further declines.
Brent crude oil shed 88 cents at US$73.82 per barrel and West Texas Intermediate (WTI) lost 66 cents at US$67.69. Meanwhile, Western Canadian Select (WCS) bumped up 48 cents at US$52.53.
Shortly after Friday’s open the TSX/S&P Composite Index was down 112.37 points at 19,426.64.
Gold jumped US$31.00 at US$1,954.00 per ounce.
