Compiled by Glen Hallick, MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – The Canadian dollar was pulling back on Wednesday morning, as crude oil prices were lower and the United States dollar regained some lost strength
As of 8:36 CDT, the Canadian dollar was at US$0.8255 or C$1.2118 compared to Tuesday’s close of US$0.8294 or C$1.2057.
On the U.S. Dollar Index, the greenback rose 0.252 at 89.880 points.
Benchmark crude oil prices lower Wednesday morning, as the prospect of more Iranian oil hitting the global market weighed on values. That was countered by a rather weak U.S. dollar and rising optimism towards global demand for oil.
Brent crude oil dropped 51 cents at US$68.14 per barrel. West Texas Intermediate (WTI) stepped back 64 cents at US$65.43 per barrel. Western Canadian Select (WCS) was down 39 cents at US$51.30 per barrel.
At the opening the TSX/S&P Composite Index gained 88.59 points at 19,652.71.
Gold was up US$5.50 at US$1,903.50 per ounce.
