By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar inched its way a little higher on Friday morning, due to a small amount of support from crude oil and despite a stronger United States dollar.
As of 8:37 am CST, the loonie was at US$0.7464 or C$1.3394, compared to Thursday’s close of US$0.7452 or US$1=C$1.3419.
After two days of sharp losses on the U.S. Dollar Index, the greenback turned around to advance 0.372 of a point at 101.950.
Benchmark crude oil prices bumped up Friday morning, buoyed by forthcoming OPEC+ production cuts but that renewed strength in the U.S. dollar tempered further increases.
Brent crude oil added 26 cents at US$76.87 per barrel, while West Texas Intermediate tacked on 29 cents at US$71.87.
Statistics Canada reported wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) fell 0.5 per cent in October at C$81.7 billion.
Shortly after Friday’s open the TSX/S&P Composite Index was down 101.08 points at 20,677.72.
Gold gave up its overnight losses, rising US$2.80 at US2,047.70 per ounce.
