By MarketsFarm
WINNIPEG, May 10 (MarketsFarm) – The Canadian dollar was on the rise Wednesday morning as the United States dollar weakened.
As of 8:42 am CDT, the loonie was at US$0.7479 or C$1.3376, compared to Tuesday’s close of US$0.7468 or US$1=C$1.3390. On the U.S. Dollar Index, the greenback lost 0.199 of a point at 101.200.
Benchmark crude oil prices slipped on Wednesday morning, as concerns over today’s interest rate announcement from the U.S. Federal Reserve weighed on values. Meanwhile, support came from the Biden administration’s plans to increase the country’s strategic petroleum reserves.
Brent crude oil gave up 17 cents at US$77.27 per barrel and West Texas Intermediate (WTI) was down 24 cents at US$73.47.
Shortly after Tuesday’s open the TSX/S&P Composite Index eased back 19.23 points at 20,566.50.
Gold nudged up 80 cents at US$2,043.70 per ounce.
