Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – The Canadian dollar was a pinch higher on Friday morning, as the United States dollar pulled back.
As of 8:43 am CDT, the loonie was at US$0.7738 or C$1.2928, compared to Thursday’s close of US$0.7730 or C$1.2937.
On the U.S. Dollar Index, the greenback gave up 0.768 of a point at 107.665 ahead of the speech to be given by Federal Reserve Chair Jerome Powell at the central bank’s Jackson Hole policy symposium. It’s expected Powell will hold to interest rate increases to curb inflation.
Benchmark crude oil prices were slightly lower on Friday morning, contending with the tightening of global supplies while the markets were cautious ahead of Powell’s speech.
West Texas Intermediate (WTI) slipped 52 cents at US$92.00 per barrel. Brent crude oil dipped 34 cents at US$99.00 per barrel. Western Canadian Select (WCS) lost 44 cents at US$72.91 per barrel.
The TSX/S&P Composite Index was flat, down 0.91 of a point at 20,171.43.
Gold lost US$6.80 at US$1,763.20 per ounce.
