By MarketsFarm
WINNIPEG, May 24 (MarketsFarm) – The Canadian dollar was stronger Friday morning, due to a bounce in crude oil prices.
As of 8:38 CDT, the Canadian dollar was at US$0.7437 or C$1.3443. That compares to Thursday’s North American close of US$0.7419 or C$1.3478.
After two days of losses, including drops of more than C$3 per barrel on Thursday, crude oil prices regained some of their lost strength this morning. West Texas Intermediate crude oil was up 89 cents US$58.80 per barrel. Brent crude oil gained US$1.07 at US$68.83 per barrel.
The TSX/S&P Composite Index was up 77.69 points at 16,242.30 points following the bounce in crude oil.
However, there remain fears of a global economic slowdown if the United States/China trade war continues. U.S. Treasury Secretary Steven Mnuchin said on Thursday that it’s very likely the two economic superpowers won’t resume negotiations until sometime in June.
Gold was down US$1.90 at US$1,283.50 per ounce.
