Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 3 (MarketsFarm) – The Canadian dollar was lower on Wednesday morning as global crude oil prices pulled back.
As of 8:33 CDT, the Canadian dollar was at US$0.8036 or C$1.2442 compared to Tuesday’s close of US$0.8062 or C$1.2404.
Benchmark crude oil prices were falling on Wednesday morning, as the Biden administration demanded OPEC+ ramp up their oil production. The alliance is scheduled to meet today, with its members already committed to a rather modest 400,000 barrel per day increase.
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West Texas Intermediate (WTI) retreated US$2.45 at US$81.46 per barrel. Brent crude oil dropped US$2.06 at US$82.66 per barrel. Western Canadian Select (WCS) lost US$1.84 at US$64.81 per barrel.
Also today, the United States Federal Reserve is set to announce its plans to cut back on its stimulus buying, which in turn could lead to increasing interest rates down the road.
On the U.S. Dollar Index, that saw the greenback dip 0.056 at 94.135 points.
The TSX/S&P Composite Index opened flat with a small gain of 5.40 points at 21,175.41.
Gold dropped US$18.00 at US$1,771.40 per ounce.
