Glacier FarmMedia – The Canadian dollar was higher on Wednesday as crude oil prices continued to rise.
The loonie closed at US$0.7319 or US$1=C$1.3664, compared to US$0.7308 or US$1=C$1.3684 on Tuesday. The United States Dollar Index shed 0.26 of a point at 98.79.
Crude oil ended the day higher after Iran denied a report from the New York Times that it sought to meet with U.S. officials to end the conflict. On Tuesday, the Trump administration announced it would insure vessels transiting the Strait of Hormuz and they would be escorted by U.S. Navy ships.
West Texas Intermediate increased US$0.70 per barrel at US$75.26. Brent crude oil added US$0.36/barrel at US$81.76.
The TSX/S&P Composite Index recovered some of Tuesday’s losses, gaining 157.92 points at 33,942.86.
Gold also turned upwards, advancing US$27.70 per ounce at US$5,151.40.
