By MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – The Canadian dollar was stronger Wednesday morning, hitting fresh three-year highs relative to its United States counterpart as gains in crude oil provided some support.
At 8:50 CST Wednesday morning the Canadian dollar was at US$0.7946 or US$1=C$1.2585 which compares with Tuesday’s North American close of US$0.7935 or US$1=C$1.2603.
Ongoing refinery and drilling shutdowns in the U.S., as the country gets back up to speed after last week’s power outages, provided some support for oil. The gains in oil came despite an unexpected increase in U.S. oil inventories.
West Texas Intermediate was up by 1.2 per cent, at US$62.40 per barrel.
The TSX was down by 45.91 points at 8:50 CST to trade at 18,284.18 points.
