WINNIPEG – The Canadian dollar opened Wednesday on a higher note.
As of 8:37 a.m. CDT, the loonie was at US$0.7794 or US$1=C$1.2830, compared to US$0.7784 or US$1=C$1.2847 on Tuesday.
The United States Dollar Index retreated 0.24 of a point at 103.23. Later today, the U.S. Federal Reserve is expected to announce a major increase to its key interest rate in an effort to combat high-rising inflation.
Crude oil prices rallied on Wednesday after the European Union proposed a gradual phase out of Russian crude in six months and refined products from the country by the end of the year. Brent crude oil rose US$4.40 per barrel to US$109.37. West Texas Intermediate (WTI) jumped US$4.58 to US$106.99/barrel. Western Canadian Select (WCS) spiked US$3.94 to US$94.00/barrel.
The TSX/S&P Composite Index added 69.20 points to 20,974.48.
Gold decreased US$1.50 per ounce to US$1,869.10.
