Glacier FarmMedia — The Canadian dollar was stronger Wednesday morning, with gains in crude oil lending some support to the energy-linked currency.
At 8:51 a.m. CST the Canadian dollar was trading at US$0.7165 or US$1=C$1.3957 which compares with Tuesday’s close of US$0.7150 or US$1=C$1.3986.
Softer than expected jobs data out of the United States added to expectations that the U.S. Federal Reserve could cut interest rates next week — weighing on the U.S. dollar.
Ongoing talks to end the war in Ukraine have so far failed to find a resolution to the conflict, with recent Ukrainian drone strikes on Russian tankers and infrastructure limiting movement through the Black Sea. Increasing tensions between the U.S. and Venezuela also underpinned oil prices.
West Texas Intermediate crude oil was up 1.02 per cent at US$59.24 per barrel.
The TSX was up 54.89 points at 8:51 CST to trade at 31,104.17.
