By Commodity News Service Canada
WINNIPEG, MB, Jan. 4, 2018 (CNS Canada) – The Canadian
dollar rose Thursday morning, supported by gains in the stock
market and price of oil.
At 9:03 CST Thursday morning the Canadian dollar was at
US$0.7982 or C$1.2520, which compares with Wednesday’s North
American close of US$0.7979 or C$1.2533.
Producer prices in Canada rose by 1.4 per cent in November,
the most in almost three years, according to Statistics Canada.
Prices for energy and petroleum products strengthened for the
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higher demand for gasoline, light fuel oils and diesel fuel. The
increase was the largest since May, 2016.
Oil prices hit its highest point since May, 2015 Thursday,
supported by unrest in Iran which has raised concerns about
supply risks, cold weather in the United States which is
boosting demand and Organization of the Petroleum Exporting
Countries led output cuts. Brent crude was down one cent to
US$67.83 per barrel. It had traded as high as US$68.27 earlier
in the session.
Wall Street opened at record levels Thursday, with the Dow
Jones breaking the 25,000 mark for the first time as strong U.S.
private hiring data added to the bullish sentiment. The Dow
to 25,048.18. The S&P 500 added 6.72 points, or 0.25 per cent,
to 2,719.78. The Nasdaq Composite rose 22.88 points, or 0.32 per
cent, to 7,088.41.
The Toronto TSX/S&P Composite Index opened higher Thursday,
adding to its record high as the financial and industrial groups
climbed, while shares of energy and marijuana producers paired
some recent gains. The TSX/S&P rose 7.86 points, or 0.05 per
cent, to 16,379.41 shortly after open.
