Canadian Dollar and Business Outlook: Loonie steady ahead of election call

By MarketsFarm

WINNIPEG, Sept. 11 (MarketsFarm) – The Canadian dollar was firm Wednesday morning, just as the federal election is to be called today.

As of 8:39 CDT, the Canadian dollar was at US$0.7597 or C$1.3161. That compares to Tuesday’s North American close of US$0.7603 or C$1.3153.

Prime Minister Justin Trudeau is scheduled to visit the Governor-General at 9:00 CDT to ask for Parliament dissolved, making way for the Canada’s 43rd general election. Voters are expected to go to the polls on Oct. 21. At dissolution the Liberals have 177 seats, the Conservatives 95, the New Democrats 40, the Bloc Quebecois 10, Greens two and the People’s Party one.

Crude oil prices were witnessing gains as OPEC+, comprised of the cartel, Russia and their oil producing allies, meet today in Abu Dhabi to discuss further production cuts based on the assumption there will be a global economic slowdown next year.

Brent crude was up 38 cents at US$62.76 and West Texas Intermediate crude oil gained 26 cents at US$57.66 per barrel. Western Canadian Select crude inched up 11 cents at US$45.65 per barrel.

At the start of trading on Wednesday, the TSX/S&P Composite Index was up 18.74 points at 16,556.08.

Gold was up US$4.47 at US$1,490.24 per ounce.

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