Compiled by Glen Hallick, MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – The Canadian dollar was higher Wednesday morning as the United States dollar stepped back a little and due to sharp upticks in global crude oil prices.
As of 8:37 am CDT, the Canadian dollar was at US$0.7711 or C$1.2946, compared to Tuesday’s close of US$0.7685 or C$1.3012.
On the U.S. Dollar Index, the greenback pulled back 0.288 a point at 103.650.
Benchmark crude oil prices were stronger on Wednesday morning, due to declining COVID-19 infections in Shanghai and Beijing. That led the markets to believe China will increase its demand for oil.
West Texas Intermediate (WTI) jumped US$4.18 at US$103.94 per barrel. Brent crude oil advanced US$3.74 at US$106.20 per barrel. Meanwhile, Western Canadian Select (WCS) climbed US$3.57 US$89.20 per barrel.
At the open, the TSX/S&P Composite Index bumped up 32.69 points at 19,992.75.
Gold was up US$9.20 at US$1,850.20 per ounce.
