By MarketsFarm
WINNIPEG, Nov. 7 (MarketsFarm) – The Canadian dollar was firm Thursday morning in light of positive news regarding the United States/China trade deal.
As of 8:42 CDT, the Canadian dollar was at US$0.7593 or C$1.3169. That compares to Wednesday’s North American close of US$0.7588 or C$1.3179.
Tariffs that China and the U.S. imposed on each other could be rolled back, according to a Chinese Foreign Ministry official. However, U.S. officials have not confirmed the proposed rollback. The two countries were expected to sign Phase One of their trade deal later this month, but on Wednesday there were indications the signing could be delayed until December.
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Crude oil prices were stronger Thursday morning on the positive trade news.
Brent crude oil was up 69 cents at US$62.43 per barrel and West Texas Intermediate rose 99 cents at US$57.34 per barrel. Western Canadian Select gained 95 cents at US$35.84 per barrel.
At the start of trading on Thursday, the TSX/S&P Composite Index opened higher by 60.60 points at 16,806.24 on trade deal optimism.
Gold was down US$3.67 at US$1,486.94 per ounce.
