By MarketsFarm
WINNIPEG, Oct. 17 (MarketsFarm) – The Canadian dollar was stronger Thursday morning as it found support in Statistics Canada’s manufacturing sales report.
As of 8:44 CDT, the Canadian dollar was at US$0.7599 or C$1.3259. That compares to Wednesday’s North American close of US$0.7575 or C$1.3201.
Statistics Canada reported manufacturing sales in August rose by 0.8 per cent, slightly above analysts’ predictions. The gain, fueled by transportation equipment and fabricated metal, came after back-to-back months of declines.
Crude oil prices were mostly lower Thursday morning as larger than expected oil inventories in the United States weighed on values. However, losses were tempered with support from the tentative Brexit deal between the European Union and the United Kingdom.
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Brent crude oil was down 40 cents at US$59.02 per barrel and West Texas Intermediate lost 41 cents at US$52.94 per barrel. Meanwhile, Western Canadian Select was up three cents at US$37.05 per barrel.
At the start of trading on Thursday, the TSX/S&P Composite Index opened higher on news of the tentative Brexit deal. The TSX gained 18.36 points at 16,445.54.
Gold was up US$2.97 at US$1,493.14 per ounce.
