By MarketsFarm
WINNIPEG, August 19 (MarketsFarm) – The Canadian dollar was stronger Monday morning due to increasing crude oil prices.
As of 8:45 CDT, the Canadian dollar was at US$0.7536 or C$1.3262. That compares to Friday’s North American close of US$0.7527 or C$1.3286.
Crude oil prices were higher Monday morning, after Yemeni rebels launched a drone attack on an oil facility in eastern Saudi Arabia on August 17. Also, traders are looking for signs of progress in United States/China trade talks. However, an OPEC report that had a negative forecast about oil demand weighed on values.
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West Texas Intermediate crude oil was up US$1.00 at US$55.81 per barrel, and Brent crude oil was up 69 cents at US$59.33 per barrel.
At the start of trading on Monday, the TSX/S&P Composite Index was up 72.09 points at 16,221.88, following trends in the U.S. Markets. The Dow Jones, S&P 500 and the NASDAQ were making gains in excess of one per cent on news the Chinese government was trying to kick-start its slowing economy with interest rate reforms.
Gold was down US$15.00 at US$1,508.60 per ounce.
