By Commodity News Service Canada
WINNIPEG, MB, May 18, 2018 (CNS Canada) – The Canadian
dollar was dragged lower Friday, by a drop in the price of gold.
At 8:55 CDT Friday morning the Canadian dollar was at
US$0.7761 or C$1.2901, which compares with Thursday’s North
American close of US$0.7812 or C$1.2801.
Oil prices rose Friday and were set for a sixth straight
week of gains boosted by strong demand, looming sanctions on
Iran, plummeting Venezuelan production and Nigerian disruptions,
as Saudi Arabia moved to assuage supply concerns. Brent crude
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Gold fell 0.2 per cent to settle at US$1,287.71 per ounce.
Canadian inflation cooled slightly in April, bolstering
expectations the central bank will hold interest rates steady
later this month and weakening the Canadian dollar. The annual
inflation rate was 2.2 per cent, Statistics Canada said Friday.
That was slightly short of expectation for 2.3 per cent, though
still above the Bank of Canada’s two per cent target.
Wall Street opened slightly lower Friday, due to losses in
technology stocks, while investors kept a close watch on United
States-China trade talks. The Dow Jones Industrial Average
dropped 6.26 points, or 0.03 per cent, to 24,707.72. The S&P 500
lost 2.78 points, or 0.10 per cent, to 2,717.35. The Nasdaq
The Toronto TSX/S&P Composite Index opened higher Friday,
led by gains in consumer discretionary stocks. The TSX/S&P rose
6.44 points, or 0.04 per cent, to 16,149.99.
