By Commodity News Service Canada
WINNIPEG, November 7 – The Canadian dollar edged up against its US counterpart in early activity on Monday, supported by advances in crude oil.
New York Mercantile crude oil futures had gained US$0.45 per barrel at 8:40 a.m. CST Monday, sitting at US$44.52, propped up by an announcement from OPEC (Organization of the Petroleum Exporting Countries) that all members remain committed to a production reduction deal that was inked in September.
However, the US dollar was underpinned by an announcement from the FBI that they would not be laying any charges against Hillary Clinton, which capped gains in the loonie.
At 8:40 CST Monday, the Canadian dollar was at US$0.7475 or US$=C$1.1.3378, which compares with Friday’s North American close of US$0.7461 or US$1=C$1.3403.
The TSX was up 116.4 points at 8:40 CST Monday morning to sit at 14,625.69.
