By MarketsFarm
WINNIPEG, June 2 (MarketsFarm) – The Canadian dollar continued pushing higher on Friday morning, riding spillover from gains in crude oil while the United States dollar held firm.
As of 8:35 am CDT, the loonie was at US$0.7455 or C$1.3415, compared to Thursday’s close of US$0.7417 or US$1=C$1.3482. On the U.S. Dollar Index, the greenback dip slightly by 0.067 of a point at 103.435.
Benchmark crude oil prices were higher on Friday morning due to a weakened U.S. dollar from yesterday and from increases in the equity markets. A wildcard going into this weekend is the OPEC+ meeting on Sunday as there is no clear indication if the alliance will go ahead with production cuts.
Brent crude oil advanced US$1.68 at US$75.96 per barrel and West Texas Intermediate (WTI) also gained US$1.68 at US$71.78.
Shortly after Friday’s open the TSX/S&P Composite Index added 177.04 points at 19,849.29.
Gold was down US$5.20 at US$1,990.30 per ounce.
