By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar pushed higher on Monday morning, supported by a decline in the United States dollar and an upswing in crude oil.
As of 8:38 am CST, the loonie was at US$0.7274 or US$1=C$1.3752, compared to Friday’s close of US$0.7256 or US$1=C$1.3781.
On the U.S. Dollar Index, the greenback stepped back 0.287 of a point at 97.965.
Benchmark crude oil prices were stronger on Monday morning, following action taken by the U.S. in seizing two oil tankers near Venezuela during the weekend.
West Texas Intermediate gained US$1.30 at US$57.82 per barrel and Brent crude increased US$1.37 at US$61.84.
In morning activity, the TSX/S&P Composite Index added 151.27 points at 31,907.04.
Gold jumped US$74.40 at US$4,461.70 per ounce on the idea the U.S. Federal Reserve will make a rate cut next month.
