By MarketsFarm
WINNIPEG, May 13 (MarketsFarm) – The Canadian dollar was slightly lower Wednesday as crude oil was steady.
As of 8:43 CDT, the Canadian dollar was at US$0.7117 or C$1.4052, compared to Tuesday’s close of US$0.7135 or C$1.4015.
Suggestions from United States Federal Reserve Chair Jerome Powell on Tuesday about the central bank moving to negative interest rates could see the loonie gain ground on the U.S. dollar.
Benchmark crude oil prices were flat Wednesday morning, as OPEC+ production cuts were balanced off by growing fears of a deadly second wave of COVID-19 as several countries ease their lockdown measures.
Brent crude oil was unchanged at US$29.98 per barrel. West Texas Intermediate (WTI) was up six cents at US$25.84 per barrel. Meanwhile, Western Canadian Select (WCS) dropped 52 cents at US$22.50 per barrel.
At the opening, the TSX/S&P Composite Index was down 132.44 points at 14,748.72.
Gold gained US$7.77 at US$1,710.47 per ounce.
