Glacier FarmMedia — The Canadian dollar was stronger on Wednesday, underpinned by gains in the energy sector and solid earnings reports from domestic banks.
The Canadian dollar settled at US$0.7169 or US$1=C$1.3949, which compares with Tuesday’s close of US$0.7150 or US$1=C$1.3986.
The Royal Bank of Canada and National Bank of Canada both reported fourth-quarter earnings above market expectations, a day after Scotiabank also beat estimates.
Ongoing talks to end the war in Ukraine have so far failed to find a resolution to the conflict, with recent Ukrainian drone strikes on Russian tankers and infrastructure limiting movement through the Black Sea. Increasing tensions between the U.S. and Venezuela also underpinned oil prices.
West Texas Intermediate crude oil was up by 0.84 per cent at US$59.13 per barrel.
The TSX Composite Index gained 111.26 points at 31,160.54 points.
