By Commodity News Service Canada
WINNIPEG, Nov. 22 (CNS Canada) – The Canadian dollar was up Thursday morning following the federal government’s fall fiscal update issued Wednesday.
At 8:44 CST Thursday morning the Canadian dollar was at US$0.7561 or C$1.3222, which compares with Wednesday’s North American close of US$0.7536 or C$1.3270.
It is so far, so good for Minister of Finance Bill Morneau with the fiscal update as business leaders approve of the C$14 billion in corporate tax cuts over the next six years. But they were critical of Morneau and the feds not cutting bureaucratic red tape and for the lack of effort to help Alberta’s struggling oil industry. Morneau said the tax cuts will help the ‘oil patch’ to overcome drastically low prices.
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Oil prices Thursday morning were down 24 U.S. cents per barrel. West Texas Intermediate crude this morning was US$54.39 per barrel after closing yesterday at US$54.63 per barrel.
Gold is up Thursday morning to US$1,228.80 per ounce from yesterday’s close of US$1,228.00 per ounce.
The Toronto TSX/S&P Composite Index was down slightly by 3.38 points Thursday morning shortly after open at 15,091.76.
Markets are closed today in the U.S. for the Thanksgiving holiday.
