By MarketsFarm
WINNIPEG, Aug. 11 (MarketsFarm) – The Canadian dollar was stronger Thursday morning, seeing a continuation of Wednesday’s rally as gains in crude oil provided support.
At 9:22 a.m. CDT Thursday morning the Canadian dollar was at US$0.7850 or US$1=C$1.2739, which compares with Wednesday’s close of US$0.7819 or US$1=C$1.2789.
Citing COVID-19 restrictions and geopolitical tensions, OPEC cut its forecast for oil demand growth in 2022 to 3.1 million barrels per day from a previous estimate of 3.4 million barrels. Meanwhile, the International Energy Agency raised its own oil demand growth forecast for 2022 by 380,000 barrels per day.
Crude oil was stronger in early activity, with West Texas Intermediate up by 0.98 per cent at US$92.83 per barrel.
The TSX was up by 212.54 points at 9:22 CDT, trading at 20,098.48 points.
