By MarketsFarm
WINNIPEG, June 23 (MarketsFarm) – The Canadian dollar pulled back on Friday morning, due to continuing pressure from a rising United States dollar and declines in crude oil prices.
As of 8:36 am CDT, the loonie was at US$0.7568 or C$1.3215, compared to Thursday’s close of US$0.7599 or US$1=C$1.3160. On the U.S. Dollar Index, the greenback gained 0.426 a point at 102.415.
Benchmark crude oil prices were lower on Friday morning following a larger than expected interest rate hike by the Bank of England as well as waning global economic growth.
Brent crude oil lost US$1.95 at US$72.19 per barrel and West Texas Intermediate (WTI) gave up US$2.10 at US$67.41. Western Canadian Select dropped US$1.78 at US56.65/barrel.
Shortly after Friday’s open the TSX/S&P Composite Index lost 155.57 points at 19,425.33.
Gold advanced US$19.70 at US$1,943.40 per ounce.
