By MarketsFarm
WINNIPEG, Sept. 8 (MarketsFarm) – There was an upward bump in the Canadian dollar on Friday morning, due to higher crude oil prices and a small decline in the United States dollar.
As of 8:33 am CDT, the loonie was at US$0.7341 or C$1.3624, compared to Thursday’s close of US$0.7313 or US$1=C$1.3674. On the U.S. Dollar Index, the greenback dipped 0.053 of a point at 104.625.
Benchmark crude oil prices were a pinch higher on Friday morning, with supply cuts by Saudi Arabia and Russia edging out the pressure generated by China’s sluggish economy and the threat of a recession to the U.S. and European economies.
Brent crude oil bumped up 55 cents at US$90.47 per barrel, West Texas Intermediate tacked on 43 cents at US$87.30, and Western Canadian Select added 46 cents US$69.13.
Shortly after Friday’s open the TSX/S&P Composite Index slipped 31.06 points at 20,101.02.
Gold was up US$1.80 at US$1,944.30 per ounce.
