By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was lower on Friday, as the political turmoil in Ottawa began to pick up steam again.
As of 8:40 am CST, the loonie was at US$0.6937 or US$1=C$1.4412 compared to Thursday’s close of US$0.6946 or US$1=C$1.4418.
Former Liberal cabinet minister Marco Mendicino announced on Thursday that he won’t seek re-election. Prime Minister Justin Trudeau is said to be weighing the options he and his minority government are facing. Reportedly, the party’s Ontario, Atlantic and Quebec federal caucuses said they want Trudeau to resign.
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On the U.S. Dollar Index, the greenback was down 0.344 of a point at 108.865.
Benchmark crude oil prices edged upward on Friday morning with the onset of cold weather for the U.S. and Europe. However, China’s sluggish economy limited the gains.
Brent crude oil tacked on 26 cents at US$76.19 per barrel and West Texas Intermediate added 43 cents at US$73.56.
Shortly after Friday’s opening, the TSX/S&P Composite Index swung higher, adding 131.22 points at 25,029.25.
Gold stepped back US$5.70 at US$2,663.50 per ounce.
