Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 25 (MarketsFarm) – The Canadian dollar was on the rise Thursday morning, as the United States dollar budged lower and global crude oil inched upward.
As of 8:34 am CDT, the loonie was at US$0.7720 or C$1.2955, compared to Wednesday’s close of US$0.7702 or C$1.2983.
On the U.S. Dollar Index, the greenback eased back 0.126 of a point at 108.490 as the markets wait to hear the address from U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole policy symposium.
Benchmark crude oil prices were slightly higher on Wednesday morning, reduced U.S. stockpiles and the strong likelihood of OPEC+ production cuts.
West Texas Intermediate (WTI) bumped up 49 cents at US$95.38 per barrel. Brent crude oil added 89 cents at US$102.11 per barrel. Meanwhile, Western Canadian Select (WCS) dipped 26 cents at US$75.27 per barrel.
At the open, the TSX/S&P Composite Index gained 85.59 points at 20,106.97.
Gold increased US$11.80 at US$1,773.30 per ounce.
