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TORONTO: The Canadian dollar edged higher on Wednesday against its US counterpart as oil prices rose and the greenback dipped against a basket of major currencies.

At 9:24 a.m. ET (1324 GMT), the Canadian dollar was trading at C$1.2492 to the greenback, or 80.05 US cents, its strongest level of the day. It was up 0.2 percent.

The currency's weakest level of the day was C$1.2530. It had touched on Friday its weakest in five weeks at C$1.2600.

Prices of oil, one of Canada's major exports, rose for a third day as the Organization of the Petroleum Exporting Countries said the market was gradually tightening after years of oversupply, but that the 2018 outlook was less certain.

 

 

Copyright Reuters, 2017
 

 

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