WINNIPEG, Nov. 22 (MarketsFarm) – The Canadian dollar was higher on Tuesday morning, gleaning support from stronger crude oil prices and a weaker United States dollar.
As of 8:35 am CST, the Canadian dollar was at US$0.7454 or C$1.3410, compared to Monday’s close of US$0.7434 or C$1.3452.
On the U.S. Dollar Index, the greenback stepped back 0.332 of a point at 107.400.
Benchmark crude oil prices were higher on Tuesday morning, after Saudi Arabia and Kuwait squashed rumours of OPEC+ ramping up production. However, weakened demand from China tempered the increases.
Brent crude oil added US$1.39 at US$88.84 per barrel. West Texas Intermediate (WTI) gained US$1.26 at US$81.30/barrel. Western Canadian Select (WCS) advanced US$1.50 at US$54.24/barrel.
Shortly after Tuesday’s open the TSX/S&P Composite Index bumped up 76.61 points at 20,053.74.
Gold was up US$4.30 at US$1,743.90 per ounce.
