By MarketsFarm
WINNIPEG, July 12 (MarketsFarm) – The Canadian dollar was higher on Wednesday morning, getting strength from a weaker United States dollar and small upticks in global crude oil prices.
As of 8:35 am CDT, the loonie was at US$0.7574 or C$1.3199, compared to Tuesday’s close of US$0.7541 or US$1=C$1.3260. On the United States Dollar Index, the greenback dropped 0.703 of a point at 100.700.
Benchmark crude oil prices slightly higher on Wednesday morning due to reduced production out of Russia.
Brent crude oil added 61 cents at US$80.81 per barrel and West Texas Intermediate (WTI) gained 77 cents at US$75.60. Western Canadian Select was up 54 cents at US64.12/barrel.
Also later this morning, the Bank of Canada will make its interest rate announcement, with the central bank likely to raise its key rate by 25 basis points to five per cent.
Shortly after Wednesday’s open the TSX/S&P Composite Index climbed 148.20 points at 20,026.76.
Gold advanced US$17.40 at US$1,954.50 per ounce.
