WINNIPEG – The Canadian dollar has moved up on Thursday even as oil prices finally broke from their rallies.
As of 8:40 a.m. CST, the loonie was at US$0.7914 or US$1=C$1.2636, compared to US$0.7894 or US$1=C$1.2668 on Wednesday. Yesterday, the Bank of Canada announced its first key interest rate hike in two years to 0.5 per cent.
The United States Dollar Index was up 0.21 of a point at 97.59.
After a week of high-rising crude oil prices due to Russia’s invasion of Ukraine, the markets are now undergoing a slight correction. Brent crude oil slipped US$0.46 per barrel to US$112.47. West Texas Intermediate (WTI) dropped US$1.69 to US$108.97/barrel. Western Canadian Select (WCS) fell US$2.30 to US$97.88/barrel.
The TSX/S&P Composite Index advanced 77.12 points to 21,332.76.
Gold increased US$7.80 per ounce to US$1,930.10.
