Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Oct. 5 (MarketsFarm) – The Canadian dollar was pulling back on Wednesday morning, as the United States dollar surged and due to negative news on Canada’s trade surplus.
As of 8:36 am CDT, the Canadian dollar was at US$0.7338 or C$1.3622, compared to Tuesday’s close of US$0.7367 or C$1.3574.
The greenback reversed course on the U.S. Dollar Index to reclaim 1.199 points at 111.170.
Statistics Canada reported that the country’s trade surplus narrowed to C$1.52 billion in August, which is well under forecasts of C$3.45 billion.
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Benchmark crude oil prices were slightly higher on Wednesday morning, as the market waits for the outcome of today’s OPEC+ meeting. The 23-country alliance suggested it could slash oil production by one million to two million barrels per day.
Brent crude oil tacked on 56 cents at US$92.36 per barrel. West Texas Intermediate (WTI) added 42 cents at US$86.94/barrel. Western Canadian Select (WCS) increased 49 cents at US$62.39/barrel.
Shortly after the open, the TSX/S&P Composite Index fell 153.61 points at 19,217.38.
Gold lost US$10.50 at US$1,720.00 per ounce.
