By Commodity News Service Canada
Winnipeg, March 25 – The Canadian dollar was slightly higher against its American counterpart Wednesday morning, on the back of higher oil and gold prices.
At 8:55 CDT Wednesday morning, the loonie was up 0.0007 of a cent to US$0.8004 or US$1 = C$1.2549. The financial community was rocked this morning by new H.J. Heinz Co. is acquiring Kraft Foods Group Inc., creating the third-largest food and beverage company in North America. Current Heinz shareholders will own 51 percent of the company.
The Conference Board of Canada says it doesn’t believe the oil industry will bounce back as quickly as it did in 2008 or 2009. It says drilling technology that has unlocked huge volumes of oil from US shale rock is here to stay.
On the commodity markets the May crude contract in New York rose U$0.56 to US$48.07 a barrel. The April gold contract rose $5.40 to US$1,196.80 an ounce.
At 8:55 CDT Wednesday morning, the TSX was up 51.60 points to 15,126.57.
