By MarketsFarm
WINNIPEG, Aug. 3 (MarketsFarm) – The Canadian dollar was slightly firmer relative to its United States counterpart Wednesday morning, as world equity and energy markets stabilized.
At 9:05 a.m. CDT Wednesday morning the Canadian dollar was at US$0.7790 or US$1=C$1.2837, which compares with Tuesday’s close of US$0.7778 or US$1=C$1.2856.
Tensions between the U.S. and China that had been heightened by a U.S. diplomatic visit to Taiwan were showing signs of easing, bringing an increased appetite for risk back to the financial markets.
Crude oil was underpinned by a move by OPEC+ to only increase production by 100,000 barrels per day – which was seen as far below what would be needed to lower energy costs. However, concerns over a mounting global recession remained a bearish influence in the background.
West Texas Intermediate was up by 0.2 per cent at US$94.59 per barrel.
The TSX was up by 37.41 points at 9:05 CDT, trading at 19,542.74 points.
