By MarketsFarm
WINNIPEG, March 13 (MarketsFarm) – The Canadian dollar was lower Friday morning, despite increases in crude oil and on the Toronto Stock Exchange.
As of 8:45 CDT, the Canadian dollar was at US$0.7212 or C$1.3871, compared to Thursday’s close of US$0.7236 or C$1.3820.
Crude oil prices were higher Friday morning on the hopes of economic stimulus packages reportedly coming from several countries. Nevertheless this week has been the worst for oil prices since 2008 due the Saudi Arabia-Russia price war that began on Monday.
Brent crude oil was up US$1.06 at US$34.28 per barrel and West Texas Intermediate gained US$1.30 at US$32.80 per barrel. Western Canadian Select rose US$1.35 at US$20.09 per barrel.
After coming off its worst day in 80 years, the TSX/S&P Composite Index jumped 713.73 points at the opening to 13,222.18. A little over a month ago the TSX climbed just short of 18,000.00 points.
Gold was up US$2.84 at US$1,578.99 per ounce. After coming close to US$1,700.00 per ounce on March 9, the reversal also marks the worst week for gold since 2016.
