By MarketsFarm
WINNIPEG, Jan. 20 (MarketsFarm) – The Canadian dollar was slightly lower on Friday morning, with increases in the United States dollar offsetting small upticks in global crude oil prices.
As of 8:38 am CST, the loonie was unchanged at US$0.7412 or C$1.3494, compared to Thursday’s close of US$0.7423 or US$1=C$1.3472. On the U.S. Dollar Index, the greenback added 0.379 of a point at 102.210.
Statistics Canada estimated that the country’s retail sales rose 0.5 per cent in December, which followed the 0.1 per cent decline in November. Meanwhile, the Bank of Canada is slated to make its next interest rate announcement on Wednesday, with an eighth-consecutive increase believed to be in the works.
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Benchmark crude oil prices were a pinch higher on Friday morning, riding a sense of optimism that China’s economy will rebound in 2023 after a sluggish 2022. However, concerns over a looming global recession tempered those increases.
Brent crude oil gained 33 cents at US$86.49 per barrel. West Texas Intermediate (WTI) tacked on 39 cents at US$80.72/barrel. Western Canadian Select (WCS) was unchanged at US$57.23/barrel.
Shortly after Tuesday’s open the TSX/S&P Composite Index slipped back 35.36 points at 20,306.08.
Gold was up US$1.20 at US$1,925.10 per ounce.
