By MarketsFarm
WINNIPEG, Nov. 10 (MarketsFarm) – The Canadian dollar was weaker on Tuesday, pulling back after considerable gains on Monday. Markets will be closed tomorrow for Remembrance Day.
At 9:00 CST Tuesday morning the Canadian dollar was at US$0.7677 or US$1=C$1.3042, which compares with Monday’s North American close of US$0.7710 or US$1=C$1.2970.
A second drug manufacturing company, Medicago, has reported promising early results of a COVID-19 vaccine. The Canadian company said 100 per cent of subjects showed a positive antibody response after two doses of the COVID-19 vaccine. Yesterday, Pfizer reported its 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, with initial supplies rationed to healthcare workers and the immunocompromised.
The TSX was up 111.03 at 9:00 CST to trade at 16,580.76 points.
Crude oil prices were also higher due to the vaccine optimism. West Texas Intermediate (WTI) was up 53 cents at US$40.82 per barrel. Brent Crude gained 59 cents to trade at US$42.99.
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