By MarketsFarm
WINNIPEG, Nov. 22 (MarketsFarm) – The Canadian dollar was slightly higher Friday morning, following comments made yesterday by Bank of Canada Governor Stephen Poloz.
As of 8:42 CDT, the Canadian dollar was at US$0.7533 or C$1.3275. That compares to Thursday’s North American close of US$0.7527 or C$1.3285.
Poloz commented that Canada’s monetary conditions are “about right” as the country’s central bank is one of very few around the global not to have eased its monetary policies. He cautioned that the bank is keeping a close eye on the United States/China trade war and its effects on the global economy.
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Statistics Canada reported on Friday that retail sales in September slipped by 0.1 per cent, which was first decline in three months. A major factor was a drop in new motor vehicles sales. If they were excluded September retail sales would’ve increased 0.2 per cent.
Crude oil prices were steady Friday morning, as OPEC, Russia and their oil allies are planning to continue their production cuts. This was countered by global economic uncertainty stemming from the U.S./China trade war.
Brent crude oil was down five cents at US$63.92 per barrel and West Texas Intermediate was down 10 cents at US$58.48 per barrel. Western Canadian Select was up 14 cents at US$39.78 per barrel.
At the start of trading on Friday, the TSX/S&P Composite Index opened flat with a decline of 8.45 points at 16,990.74.
Gold was up US$5.40 at US$1,469.00 per ounce.
