By MarketsFarm
WINNIPEG, Sep. 8 (MarketsFarm) – The Canadian dollar was slightly stronger Thursday morning, finding support from gains in crude oil.
At 8:43 a.m. CDT Thursday morning the Canadian dollar was at US$0.7610 or US$1=C$1.3141, which compares with Wednesday’s close of US$0.7596 or US$1=C$1.3164.
Wednesday’s move by the Bank of Canada to hike its key overnight interest rate by 75 basis points contributed to the firmer tone in the currency, with more rate increases anticipated going forward.
Crude oil was underpinned by concerns that Russia may restrict oil and gas exports, although uncertainty over Chinese demand tempered the upside. West Texas Intermediate was up by 1.78 per cent at US$83.40 per barrel.
The TSX was down by 59.63 points at 8:43 CDT, trading at 19,181.81 points.
