By Commodity News Service Canada
Winnipeg, March 26 – The Canadian dollar was slightly higher against its American counterpart Thursday morning, amid heightened geopolitical tension in the Middle East.
At 8:50 CDT Thursday morning, the loonie was up 0.0043 of a cent to US$0.8025 or US$1 = C$1.2461. Oil prices rose after Saudi Arabia’s air force launched strikes against rebel-held positions in neighboring Yemen. Brent futures were up $1.20 at $57.68 by 1316 GMT, off an earlier high of $59.78.
Greece says it’s optimistic it will be able to reach a deal with the European Union next week to free up funding for the country to pay its debt. Athens is expected to run out of money by April 20 without new cash.
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The governor of the Bank of Canada says the group’s decision to cut interest rates has bought it time needed to deal with the evolving economic situation facing the country.
On the commodity markets the May crude contract in New York rose U$1.01 to US$50.22 a barrel. The April gold contract rose $7.50 to US$1,204.50 an ounce.
At 8:50 CDT Thursday morning, the TSX was up 63.13 points to 14,992.50.
