By MarketsFarm
WINNIPEG, Jan. 9 (MarketsFarm) – The Canadian dollar was stronger Monday morning, underpinned by gains in crude oil.
At 8:51 a.m. CST Monday morning the Canadian dollar was at US$0.7460 or US$1=C$1.3405, which compares with Friday’s close of US$0.7415 or US$1=C$1.3486.
The value of building permits issued in Canada climbed by 14.1 per cent in November, hitting C$11.0 billion, according to a report from Statistics Canada. The increase came after two consecutive months of losses.
Crude oil was boosted by news that China was reopening its borders after three years of requiring incoming travelers to quarantine. The easing COVID-19 restrictions in the country were expected to lead to increased fuel demand, with China also increasing its oil import quotas. West Texas Intermediate was up by 2.6 per cent at US$75.69 per barrel.
The TSX was up by 134.74 points at 8:51 CST, trading at 19,949.25 points.
