By Commodity News Service Canada
WINNIPEG, MB, Oct. 1, 2018 (CNS Canada) – The Canadian
dollar was up sharply Monday morning, over trade optimism after a
new North American Free Trade Agreement (NAFTA) deal was reached.
At 8:58 CDT Monday morning the Canadian dollar was at
US$0.7802 or C$1.2818, which compares with Friday’s North
American close of US$0.7725 or C$1.2945.
Last night a tentative trade deal was reached between Canada
and the United States. The new deal, which will include Mexico,
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Canada Agreement (USMCA), and will need to be ratified by the
three countries.
Oil prices hit their highest levels in four years, supported
by supply concerns before U.S. sanctions against Iran come into
force next month. Brent crude prices gained 23 U.S. cents to
US$82.96 per barrel. U.S. light crude rose 15 U.S. cents to
US$73.40 per barrel.
Wall Street jumped at open Monday over optimism from the new
NAFTA deal. The Dow Jones added 140.05 points, or 0.53 percent,
to 26, 598.36. The S&P500 gained 12.31 points, or 0.42 percent, to
2,926.29. The Nasdaq Composite rose 45.14 points, or 0.56
percent, to 8,091.50.
The Toronto TSX/S&P Composite Index also opened higher
points, or 0.38 percent, to 16,134.45.
