By MarketsFarm
WINNIPEG, Aug. 17 (MarketsFarm) – The Canadian dollar was a pinch higher on Thursday morning, as the United States dollar pulled back and crude oil prices pushed upward.
As of 8:36 am CDT, the loonie was at US$0.7404 or C$1.3508, compared to Wednesday’s close of US$0.7398 or US$1=C$1.3518. On the U.S. Dollar Index, the greenback was down 0.334 of a point at 102.985.
Benchmark crude oil prices were higher on Thursday morning, despite ongoing concerns over China’s sluggish economy. However, the country drew upon its oil reserves for the first time in nearly three years.
Brent crude oil gained US$1.06 at US$84.51 per barrel, West Texas Intermediate added US$1.16 at US$80.54, and Western Canadian Select climbed US$1.34 at US$63.73.
Shortly after Thursday’s open the TSX/S&P Composite Index was up 76.16 points at 19,975.23.
Gold increased US$3.30 at US$1,931.60 per ounce.
