WINNIPEG – The Canadian dollar continued to rise on Thursday.
As of 8:46 a.m. CDT, the loonie was at US$0.7835 or US$1=C$1.2763, compared to US$0.7806 or US$1=C$1.2810 on Wednesday.
The United States Dollar Index advanced 0.74 of a point at 103.33. On Wednesday, the U.S. Federal Reserve raised its key interest rate by 50 basis points in an effort to combat high-rising inflation. On Thursday, the Bank of England raised its own key interest rate to one per cent.
Crude oil prices were higher on Thursday despite OPEC+ ratifying a limited output increase in response to the European Union’s proposed ban on Russian oil products. Brent crude oil rose US$2.92 per barrel to US$113.06. West Texas Intermediate (WTI) jumped US$2.62 to US$110.43/barrel. Western Canadian Select (WCS) spiked US$2.53 to US$97.21/barrel.
The TSX/S&P Composite Index fell 176.61 points to 21,008.34.
Gold rallied US$29.70 per ounce to US$1,898.50.
