WINNIPEG – The Canadian dollar made a step upwards to start Thursday.
As of 8:37 a.m. CDT, the loonie was at US$0.7801 or US$1=C$1.2819, compared to US$0.7790 or US$1=C$1.2837 on Wednesday. Both TD Bank and RBC exceeded second quarter profit expectations, but CIBC’s profits were lower than last year, according to earnings reports released this week.
The United States Dollar Index eased off by 0.04 of a point to 102.02. The U.S. Federal Reserve revealed in its May meeting minutes released on Wednesday that it expects two key interest rate hikes later this year.
Crude oil prices were higher on Thursday due to shrinking U.S. gasoline stockpiles. Brent crude oil increased US$1.19 per barrel to US$115.22. West Texas Intermediate (WTI) spiked US$2.26 at US$112.59/barrel. Western Canadian Select (WCS) added US$0.50 to US$94.94/barrel.
The TSX/S&P Composite Index climbed 134.57 points to 20,518.32.
Gold declined US$3.80 per ounce to US$1,848.70.
