By MarketsFarm
WINNIPEG, July 31 (MarketsFarm) – The Canadian dollar inched above 76 U.S. cents Wednesday morning, as crude oil prices were making gains in early trade.
As of 8:55 CDT, the Canadian dollar was at US$0.7617 or C$1.3124. That compares to Tuesday’s North American close of US$0.7599 or C$1.3159.
Crude oil prices were up Wednesday morning, with support from strong expectations the United States Federal Reserve will cut interest rates today for the first time in 10 years.
West Texas Intermediate crude oil was up 25 cents at US$58.30 per barrel, and Brent crude oil was up 41 cents at US$65.13 per barrel.
At the start of trading the TSX/S&P Composite Index was down 22.42 points at 16,443.63.
However, the U.S. markets started the day on a positive note, based on the Fed’s expected interest rate cut. The Dow Jones was up 51.62 at 27,249.64 points, the NASDAQ gained 12.11 to be at 8,285.72 and the S&P 500 was up 1.95 to begin trading at 3,015.13.
Gold was up US$1.30 at US$1,443.10 per ounce.
