By Commodity News Service Canada
WINNIPEG, MB, Oct. 10, 2017 (CNS Canada) – The Canadian dollar rose Tuesday morning to start off the week following the long weeked, due to an increase in the price of oil.
At 9:12 CDT Tuesday morning the Canadian dollar was at US$0.8005 or C$1.2500 which compares with Friday’s North American close of US$0.7969 or C$1.2549.
Oil rose to above US$56 a barrel Tuesday. The Organization of the Petroleum Exporting Countries, Russia and other non-member producers are cutting output by about 1.8 million barrels per day until March to get rid of a price-sapping supply glut.
Read Also
ICE Midday: Canola in the red again
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly in negative territory in the middle of trading on Wednesday…
Short-term price support is coming from the United States where 85 per cent of the United States Gulf of Mexico oil production is offline following Hurricane Nate.
Prime Minister Justin Trudeau is flying to Washington this week to meet with President Donald Trump to talk ongoing NAFTA negotiations. Trudeau is expected to speak with Trump about the dispute over Bombardier’s C Series Jets, where the Trump administration is imposing punitive duties which will make it impossible to sell planes in the U.S. As well, Trudeau is expected to speak with Trump about the gridlocked talks over softwood lumber.
Stocks in the U.S. opened higher Tuesday with the Nasdaq and Dow hitting record highs, as investors turned their focus to third quarter earnings season.
The Dow gained 48.24 points, or 0.21 per cent, to 22,809.41. The S&P added 6.18 points, or 0.24 per cent, to 2,550.91 and the Nasdaq rose 22.63 points, or 0.34 per cent, to 6,602.37.
The TSX rose over the long weekend. It is up today by 30.2 points, or 0.19 per cent, to 15,759.74. Over the last five days, the shares have gained 0.33 per cent and are 1.03 per cent off of the 52-week high.
