By MarketsFarm
WINNIPEG, Jan. 15 (MarketsFarm) – The Canadian dollar was down sharply on Friday morning as its United States counterpart gained strength.
As of 8:40 CST, the Canadian dollar was at US$0.7861 or C$1.2723, compared to Thursday’s close of US$0.7903 or C$1.2654.
On the U.S. Dollar Index, the greenback was up 0.345 at 90.560 points. The rise was fueled by news that President-Elect Joe Biden wants a US$1.9 trillion economic stimulus package.
Benchmark crude oil prices were lower on Friday morning, due to concerns that China’s demand for oil could wane as the number of COVID-19 cases increase.
Brent crude oil lost 92 cents at US$55.50 per barrel. West Texas Intermediate (WTI) dropped 78 cents at US$52.79/barrel. Western Canadian Select (WCS) was down 81 cents at US$41.98/barrel.
At the opening the TSX/S&P Composite Index was down 27.10 points at 17,930.99.
Gold dropped US$10.10 at US$1,841.30 per ounce.
