By MarketsFarm
WINNIPEG, July 29 (MarketsFarm) – The Canadian dollar was making small gains on Wednesday morning, with support coming from increases in crude oil prices and a stronger stock market.
As of 8:40 CDT, the Canadian dollar was at US$0.7489 or C$1.3348, compared to Tuesday’s close of US$0.7478 or C$1.3373.
Benchmark crude oil prices were slightly higher on Wednesday morning as a report from the American Petroleum Institute said United States inventories fell by approximately 6.8 million barrels last week. Trade expectations had been for inventories to expand by 4.5 million barrels. The gains were capped by market concerns over the COVID-19 pandemic getting further out of control in the U.S. and elsewhere, which would result in demand sharply contracting.
Brent crude oil gained 44 cents at US$43.66 per barrel. West Texas Intermediate (WTI) rose 30 cents at US$41.34 per barrel. Western Canadian Select (WCS) was up 33 cents at US$31.79 per barrel.
At the opening, the TSX/S&P Composite Index was up 134.17 points at 16,255.49.
Gold lost US$2.25 this morning to US$1,956.18 per ounce.
