By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was higher on Wednesday morning, benefitting from a sharp loss in its United States counterpart, but the gain was tempered by hard declines in crude oil.
As of 8:38 am CDT, the loonie was at US$0.7058 or US$1=C$1.4172 compared to Tuesday’s close of US$0.7044 or US$1=C$1.4196. On the U.S. Dollar Index, the greenback fell 0.971 of a point at 101.730.
Benchmark crude oil prices were weaker on Wednesday morning as China added an additional 50 points to its tariff on U.S. imports, bringing it to 84 per cent. The U.S. upped its levy on China to 104 per cent.
Brent crude oil retreated US$2.57 at US$60.25 per barrel and West Texas Intermediate dropped US$2451 at US$57.13.
Shortly after the TSX/S&P Composite Index opened, lost 68.68 points at 22,438.22.
Gold jumped US$87.00 at US$3,077.20 per ounce.
