By MarketsFarm
WINNIPEG, Nov. 9 (MarketsFarm) – The Canadian dollar was stronger on Monday morning, hitting two-year highs due to global optimism regarding a COVID-19 vaccine.
At 8:35 CST Monday morning the Canadian dollar was at US$0.7730 or US$1=C$1.2936, which compares with Friday’s North American close of US$0.7669 or US$1=C$1.3039.
Global financial markets got a boost from initial vaccine data, which shows Pfizer’s COVID-19 vaccine is highly effective. However, government officials have said it’s unlikely any vaccine will be available before the end of the year, and initial supplies will be rationed to the most vulnerable.
The TSX was up 403.64 at 8:35 CST to trade at 16,713.71 points.
Crude oil prices were also higher due to the vaccine optimism. West Texas Intermediate (WTI) was up US$3.85 at US$40.99 per barrel. Brent Crude gained US$3.65 to trade at US$43.10.
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