By MarketsFarm
WINNIPEG, Nov. 2 (MarketsFarm) – The Canadian dollar was spiking on Thursday morning, supported by sharp losses in the United States dollar and upticks in global crude oil prices.
As of 8:37 am CDT, the loonie was at US$0.7259 or C$1.3777, compared to Wednesday’s close of US$0.7207 or US$1=C$1.3875. On the U.S. Dollar Index, the greenback dropped 0.935 of a point at 105.780.
Benchmark crude oil prices were slightly higher on Thursday morning, as demand concerns over the Gaza war edged out pressure from increased U.S. stockpiles and China’s sluggish economy.
Brent crude oil gained 71 cents at US$85.34 per barrel, and West Texas Intermediate rose 55 cents at US$80.99. However, Western Canadian Select dipped 37 cents at US$54.94.
Shortly after Thursday’s open the TSX/S&P Composite Index advanced 280.66 points at 19,359.66.
Gold climbed US$7.80 at US$1,995.30 per ounce.
