By Commodity News Service Canada
WINNIPEG, March 26 (MarketsFarm) The Canadian dollar held steady overnight, following rallying oil prices and market optimism.
At 8:45 CDT Monday morning the Canadian dollar was at US$0.7461 or C$1.3403, which compares with Monday’s North American close of US$0.7452 or C$1.3420.
Crude oil prices pointed higher at market open, thanks to continued supply cuts and lowered U.S. inventories. The American Petroleum Institute is scheduled to release a crude supply report, which is expected to show current U.S. inventories. West Texas Intermediate gained US$1.38 to trade at US$60.20 per barrel, while Brent Crude similarly gained 88 cents to trade at US$68.09 per barrel.
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Investors continue to monitor U.S. Treasurys after the yields on the 10-year note and 3-year bill inverted last week for the first time since 2007. Some experts view inversions of the yield curve as a recession predictor, indicating a lack of faith in near-term market conditions.
“An inverted curve is where we are and that has implications for stocks, particularly after the rally this year and in light of full valuations,” said Mike Wilson of Morgan Stanley in a report.
The TSX gained at 8:45 CDT, down 104.73 points at 16,0170.60.
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