Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – The Canadian dollar was lower on Wednesday morning, due to a slight rise in the United States dollar and losses in global crude oil prices.
As of 8:35 am CDT, the Canadian dollar was at US$0.7614 or C$1.3137, compared to Tuesday’s close of US$0.7648 or C$1.3076.
On the U.S. Dollar Index, the greenback bumped up 0.176 of a point at 108.925.
Statistics Canada reported the country’s economy grew by 3.3 per cent in the second quarter but nudged back in July by 0.01 per cent.
Benchmark crude oil prices were lower on Wednesday morning, on reports there’s been a turnaround ahead of next month’s OPEC+ meeting, that the alliance likely will not cut production.
Brent crude oil pulled back US$2.65 at US$96.66 per barrel. West Texas Intermediate (WTI) gave up US$1.31 at US$90.33 per barrel. Western Canadian Select (WCS) lost US$1.58 at US$70.42 per barrel.
At the opening, the TSX/S&P Composite Index was down 68.48 points at 19,444.42.
Gold fell US$12.60 at US$1,723.70 per ounce.
