Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 9 (MarketsFarm) – The Canadian dollar was lower on Wednesday morning, due to pressure from a stronger United States dollar and lower crude oil prices.
As of 8:37 am CST, the Canadian dollar was at US$0.7423 or C$1.3470, compared to Tuesday’s close of US$0.7440 or C$1.3441.
On the U.S. Dollar Index, the greenback added 0.518 of a point at 110.065.
Benchmark crude oil prices were lower on Wednesday morning, as China’s demand remained stymied by a surge in COVID-19 cases.
Brent crude oil gave up US$1.20 at US$94.16 per barrel. West Texas Intermediate (WTI) also stepped back US$1.20 at US$87.71/barrel. Western Canadian Select (WCS) lost US$1.13 at US$59.06/barrel.
Shortly after the open the TSX/S&P Composite Index shed 89.07 points at 19,571.24.
Gold dipped US$1.20 at US$1,714.80 per ounce.
