WINNIPEG – The Canadian dollar is encountering resistance as it gets closer to the 83 cents U.S. mark on Thursday.
As of 8:46 a.m. CDT, the loonie was at US$0.8234 or US$1=C$1.2144 compared to US$0.8267 or US$1=C$1.2096 when markets closed on Wednesday. The Canadian dollar’s recent rise was attributed to higher commodity prices and a weakening U.S. greenback. In the U.S., weekly unemployment claims decreased to 473,000 for the week ending May 8. The Labor Department reported the producer price index (PPI) increased by 0.6 per cent in April and 6.2 per cent year-to-year, its highest-ever increase under the current formula.
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Benchmark oil prices dropped on Thursday. Brent crude lost US$1.62 per barrel to US$67.70. West Texas Intermediate (WTI) fell by US$1.44 to US$64.64/barrel. Western Canadian Select (WCS) dropped by US$1.85 at US$51.40/barrel. The Colonial Pipeline, which was shut down by a cyber attack last week, resumed pumping last night, while the U.S. has waived shipping restrictions to bring fuel to affected regions.
The TSX/S&P Composite Index increased by 60.45 points to 19,168.22 after a rebound by tech stocks.
Gold increased by US$6.43 per ounce to US$1,832.13.
