By MarketsFarm
WINNIPEG, Jan. 5 (MarketsFarm) – The Canadian dollar was steady Tuesday morning, as gains in crude oil provided some support for the energy-linked currency.
At 9:15 CST Tuesday morning the Canadian dollar was at US$0.7845 or C$1.2747 which compares with Monday’s North American close of US$0.7843 or C$1.2751.
Crude oil was up sharply in early activity, with West Texas Intermediate crude up by 3.7 per cent at US$49.38 per barrel. Easing tensions over the Iranian seizure of a South Korean vessel accounted for some of the strength in oil, with possible production cuts being considered by OPEC+ also supportive.
Broad weakness in the U.S. dollar internationally, as China adjusted its own monetary policy, was also supportive for the Canadian currency.
The TSX was up by 74.97 points at 9:15 CST to trade at 17,602.74 points.
