Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Oct. 3 (MarketsFarm) – The Canadian dollar was virtually unchanged on Monday morning as a strong United States dollar countered any gains from a spike in global crude oil prices.
As of 8:38 am CDT, the Canadian dollar was at US$0.7298 or C$1.3699, compared to Thursday’s close of US$0.7296 or C$1.3707.
On the U.S. Dollar Index, the greenback was relatively steady at 112.090.
Benchmark crude oil prices were on the rise Monday morning, as the OPEC+ alliance said it will slash oil production by more than one million barrels per day.
Brent crude oil gained US$4.27 at US$89.41 per barrel. West Texas Intermediate (WTI) increased US$4.48 at US$83.97/barrel. Western Canadian Select (WCS) advanced US$3.66 at US$61.43/barrel.
Shortly after the open, the TSX/S&P Composite Index added 179.62 points at 18,623.84.
Gold was up US$6.00 at US$1,678.00 per ounce.
