By MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) – The Canadian dollar was firm on Wednesday morning, as there was little movement in its United States counterpart.
As of 8:42 CDT, the Canadian dollar was at US$0.7530 or C$1.3280, compared to Tuesday’s close of US$0.7535 or C$1.3272.
On the U.S. Dollar Index, the greenback was relatively steady at 93.660 points.
Benchmark crude oil prices were lower Wednesday morning, as U.S. President Donald Trump nixed an economic stimulus package until after next month’s elections. Also, the American Petroleum Institute estimated U.S. oil stockpiles increased by 951,000 barrels. Support came from the continued shut down of nearly 30 per cent of the oil facilities in the Gulf of Mexico due to Hurricane Delta, as well as the strike by oil workers in Norway.
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Brent crude oil lost 74 cents at US$41.91 per barrel. West Texas Intermediate (WTI) dropped 95 cents at US$39.72 per barrel. Western Canadian Select (WCS) was down 29 cents at US$30.21 per barrel.
At the start of trading, the TSX/S&P Composite Index was up 142.28 points at 16,381.41.
Gold gained US$7.66 at US$1,885.84 per ounce.
