By MarketsFarm
WINNIPEG, May 3 (MarketsFarm) The Canadian dollar was slightly weaker Friday morning, following a poll from Reuters that expects the loonie to strengthen throughout 2019.
At 8:45 CDT Monday morning, the Canadian dollar was at US$0.7440 or C$1.3440, which compares with Friday’s North American close of US$0.7428 or C$1.3462.
Crude oil prices have taken a beating over the past weeks, thanks to an attempted coup in Venezuela, tougher sanctions on Iranian oil, tainted flows from Russia into Europe, and a surge in United States production and stocks.
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“It shows that in an age of OPEC-led production restraint and geopolitical concerns, surging U.S oil output is more than capable of stunting upward pricing pressures,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London.
West Texas Intermediate gained six cents to trade at US$61.87, and Brent Crude lost two cents to trade at US$70.73.
U.S. Federal Reserve Chair Jerome Powell called recently subdued price growth “transitory,” which sparked debates about cutting the federal interest rate. Powell has pledged to remain politically impartial, but economists believe he is kowtowing to comments previously made by President Donald Trump.
The TSX gained at 8:45 CDT, up 43.17 points at 16,454.05.
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