By MarketsFarm
WINNIPEG, Aug. 1 (MarketsFarm) – The Canadian dollar dropped by more than a half cent Wednesday morning, due to lower crude oil prices.
As of 8:52 CDT, the Canadian dollar was at US$0.7549 or C$1.3244. That compares to Wednesday’s North American close of US$0.7606 or C$1.3148.
Crude oil prices were down Thursday morning, as the United States Federal Reserve indicated it won’t enact a string of interest rates cuts and that U.S. supplies of oil have increased.
West Texas Intermediate crude oil fell US$1.40 at US$57.18 per barrel, and Brent crude oil slid US$1.15 at US$63.90 per barrel.
At the start of trading the TSX/S&P Composite Index was down 13.24 points at 16,403.28.
However, U.S. markets were up; with the Dow Jones having gain 40.42 points at 26,904.69. The NASDAQ was up 52.19 at 8,227.61 points and the S&P 500 inched up 8.93 at 2,989.31.
Gold tumbled US$20.60 at US$1,408.50 per ounce.
