WINNIPEG– After its lowest close in nearly a year, the Canadian dollar made a jump on Thursday morning as oil prices rise and the U.S. dollar loses ground.
As of 8:40 a.m. CST, the loonie was at US$0.7819 or US$1=C$1.2789, compared to Wednesday’s close of US$0.7756 or US$1=C$1.2893.
The United States Dollar Index fell 0.56 of a point to 95.95 hours after the Federal Reserve announced its plans for three interest rate hikes in 2022.
Benchmark crude oil prices were up on Thursday on lower inventories and as demand withstands Omicron COVID-19 variant fears. Brent crude oil increased US$0.49 per barrel to US$74.37. West Texas Intermediate (WTI) advanced US$0.58 to US$71.45/barrel. Western Canadian Select (WCS) gained four cents to US$55.66/barrel.
The TSX/S&P Composite Index rose 181.95 points at 20,951.11.
Gold rallied US$24.60 per ounce to US$1,789.10.
