WINNIPEG – The Canadian dollar held steady overnight, following rallying oil prices and market optimism.
At 8:45 CDT Monday morning the Canadian dollar was at US$0.7491 or C$1.3249, which compares with Monday’s North American close of US$0.7483 or C$1.3363.
Crude oil prices continue to gain, as futures rose as much as 1.3 per cent over the weekend. Oil rallied 32 per cent in the first quarter thanks to the Organization of the Petroleum Exporting Countries and its allies. West Texas Intermediate gained 56 cents to trade at US$60.20 per barrel, while Brent Crude similarly gained 85 cents to trade at US$68.43 per barrel.
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Canadians in Ontario, Manitoba, Saskatchewan, and New Brunswick awoke to higher gas prices on Monday morning. The federal Liberal government will put its carbon tax on greenhouse gas-emitting fuels into effect in the provinces that refused to buy into the Liberal’s country-wide climate action plan. The tax is designed to lower the country’s carbon emissions in order to meet targets set in place at the Paris climate summit.
United States stock futures unanimously pointed higher, quelling worries of a global economic slowdown.
The TSX gained at 8:45 CDT, up 68.96 points at 16,172.86.
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