By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar was higher Monday morning, as its United States counterpart was lower and there were gains in crude oil.
As of 8:39 am CDT, the loonie was at US$0.7230 or US$1=C$1.3832 compared to Friday’s close of US$0.7221 or US$1=C$1.3848. On the U.S. Dollar Index, the greenback stepped back 0.161 of a point at 96.985.
On Wednesday, the Bank of Canada and the U.S. Federal Reserve will make their next interest rate announcements.
Benchmark crude oil prices were modestly higher on Monday morning, as the damage to Russian refineries from Ukrainian drone strikes is assessed.
West Texas Intermediate added 53 cents at US$63.22 per barrel and Brent crude oil rose 42 cents at US$67.41 per barrel.
Statistics Canada reported on Monday that wholesale sales (excluding petroleum, petroleum products and other hydrocarbons and excluding oilseed and grain) improved 1.2 per cent in July at C$86 billion.
The TSX/S&P Composite Index shed 3.97 points at 29,278.85. Gold was up US$4.60 at US$3,691.00 per ounce.
