By Commodity News Service Canada
WINNIPEG, MB, May 7, 2018 (CNS Canada) – The Canadian dollar
was lower Monday, as the American dollar rose in value and North
American Free Trade Agreement (NAFTA) talks reached a critical
stage.
At 8:57 CDT Monday morning the Canadian dollar was at
US$0.7767 or C$1.2872, which compares with Friday’s North
American close of US$0.7775 or C$1.2861.
Representatives from the three NAFTA nations are meeting in
Washington, DC this week to attempt a breakthrough on the trade
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States wants the deal pushed through before mid-term elections.
Oil prices rose to their highest levels since late-2014
Monday, supported by Venezuela’s deepening economic crisis and a
looming decision on whether the United States will re-impose
sanctions on Iran. Brent crude oil futures gained 80 cents to
US$75.67 per barrel.
Wall Street opened higher Monday, as energy shares rose due
to surging oil prices and Starbucks got a boost from its
partnership with Nestle. The Dow Jones Industrial average gained
55.15 points, or 0.23 per cent, at the open to 24,317.66. The S&P
500 rose by 5.94 points, or 0.22 per cent, to 2,669.36. The
Nasdaq Composite opened higher by 32.20 points, or 0.45 per cent,
to 7,241.82.
The Toronto TSX/S&P Composite Index opened higher Monday,
boosted by gains in the price of oil and NAFTA talks entering a
crucial stage. The TSX rose 34.8 points, or 0.22 per cent, to
15,764.20.
