By MarketsFarm
WINNIPEG, Aug. 23 (MarketsFarm) – The Canadian dollar was sharply stronger Monday morning, recovering from last week’s losses as a rally in crude oil underpinned the energy-linked currency.
At 9:15 a.m. CDT Monday morning, the Canadian dollar was at US$0.7855 or US$1=C$1.2731 which compares with Friday’s North American close of US$0.7778 or US$1=C$1.2856.
Crude oil was up sharply on Monday, as broad weakness in the United States dollar internationally and increasing global risk appetite provided support. News that China had reported zero new COVID-19 cases after weeks of lockdowns was also supportive for energy markets, as demand should improve as China’s economy reopens.
West Texas Intermediate crude oil was up by 5.0 per cent at US$65.25 per barrel.
The TSX was stronger, up 91.80 points at 9:15 CDT, trading at 20,430.82 points.
