By MarketsFarm
WINNIPEG, March 29 (MarketsFarm) – The Canadian dollar was higher on Wednesday morning, getting support from modest increases in crude oil prices, despite upticks in the United States dollar.
As of 8:36 am CDT, the loonie was at US$0.7354 or C$1.3597, compared to Tuesday’s close of US$0.7339 or US$1=C$1.3626. On the U.S. Dollar Index, the greenback was up 0.284 of a point at 102.390.
Benchmark crude oil prices were slightly higher on Wednesday morning as Kurdistan’s halt to its exports remained in place, but the global banking crisis lurking in the background tempered further increases.
Brent crude oil added 70 cents at US$79.35 per barrel and West Texas Intermediate (WTI) gained 79 cents at US$73.99.
In the federal budget introduced on Tuesday, Finance Minister Chrystia Freeland pushed the deficit to C$40.1 billion, up from the C$30.6 billion projected in the fall.
Shortly after Wednesday’s open the TSX/S&P Composite Index rose 146.27 points at 19,803.80.
Gold lost US$11.10 at US$1,979.30 per ounce.
