WINNIPEG – The Canadian dollar continued its close approach with the U.S. 80-cent mark on Friday morning amidst increased oil demand and good economic data from China.
As of 8:37 a.m. CDT, the loonie was at US$0.7995 or US$1=C$1.2508, compared to US$0.7981 or US$1=C$1.2530 when markets closed on Thursday.
Benchmark oil prices were mixed despite greater demand. Brent crude decreased by US$0.10 per barrel to US$66.84. West Texas Intermediate (WTI) declined by US$0.21 to US$63.25/barrel. Western Canadian Select (WCS) gained US$0.22 at US$52.08/barrel.
Despite China announcing its economy grew by 18.3 per cent in the first quarter compared to last year, the TSX/S&P Composite Index only slightly increased on Friday morning by 1.37 points to 19,323.29.
Gold surged by US$10.54 to US$1,774.49 per ounce.
