By MarketsFarm
WINNIPEG, April 3 (MarketsFarm) – The Canadian dollar was stronger Monday morning, as a rally in crude oil provided support to the energy-linked currency.
At 8:48 a.m. CDT Monday morning the Canadian dollar was at US$0.7434 or US$1=C$1.3452, which compares with Friday’s close of US$0.7389 or US$1=C$1.3533.
Crude oil jumped sharply higher to start the week on news of a surprise production cut from OPEC+. The alliance of oil exporting nations said Sunday that its members would aim to cut output by about 1.16 million barrels per day starting in May.
West Texas Intermediate was up by 5.9 per cent at US$80.10 per barrel.
The TSX rose by 123.48 points at 8:48 CDT, trading at 20,223.82 points.
