By MarketsFarm
WINNIPEG, Nov. 1 (MarketsFarm) – The Canadian dollar was eased back on Wednesday morning, as pressure from a stronger United States dollar was essentially balanced by support from higher crude oil prices.
As of 8:35 am CDT, the loonie was at US$0.7202 or C$1.3882, compared to Tuesday’s close of US$0.7209 or US$1=C$1.3871. On the U.S. Dollar Index, the greenback added 0.391 of a point at 106.885.
Ahead of today’s interest rate announcement from the U.S. Federal Reserve, analysts are expecting another rate freeze as inflation has slowed.
Benchmark crude oil prices were on the rise Wednesday morning, as the war in Gaza has now heightened supply concerns.
Brent crude oil advanced US$2.09 at US$87.11 per barrel, and West Texas Intermediate climbed US$2.23 at US$83.25. However, Western Canadian Select dropped US$1.13 at US$55.31.
Shortly after Wednesday’s open the TSX/S&P Composite Index tacked on 43.63 points at 18,917.10.
Gold dipped 10 cents at US$1,994.20 per ounce.
