By Commodity News Service Canada
WINNIPEG, October 7 – The Canadian dollar gained against its
US counterpart Wednesday, supported by a surge in crude oil prices.
At 8:45 a.m. CDT the Canadian dollar was at US$0.7693 or C$1.2999
which compares with Tuesday’s North American close of US$0.7676, or
C$1.3027.
After a prolonged price slump, crude oil prices strengthened
as US production dropped off. Crude oil prices could firm moving
forward, according to an OPEC leader, which could prop up the
commodity-linked loonie.
However, analysts say global supplies are still high, and the
market remains vulnerable.
By 8:45 a.m., Crude Oil WTI Futures Prices in the November and
December contracts were nearing $50 a barrel.
In Canadian domestic data, the total value of building permits
decreased 3.7 per cent to C$7.5 billion in August, following
increases of 15.5 per cent in June and 0.7 per cent in July.
The decline was attributable to lower construction intentions
in most provinces, mainly British Columbia, Alberta, Quebec and
Saskatchewan, according to StatsCan.
The TSX was stronger in early activity, up 152.7 points at 8:45
a.m. CDT to sit at 13,799.93.
