Canadian dollar holds near one-week high as oil prices climb GlobeBusiness
The Canadian dollar was little changed against its U.S. counterpart on Wednesday, holding near an earlier eight-day high as rising oil prices offset domestic data showing the fifth consecutive monthly decline for home prices.
The price of oil, one of Canada’s major exports, rose after an official forecast showed slower-than-expected U.S. production and U.S. sanctions stalled exports from Venezuela. U.S. crude oil futures were up 1.1 per cent at $57.52 a barrel.The Teranet-National Bank Composite House Price Index showed Canadian home prices fell 0.4 per cent last month from January.
The United States is working on a plan to lift tariffs from Mexican and Canadian steel and aluminum but preserve the gains that domestic producers have received from the duties so far, U.S. Trade Representative Robert Lighthizer said on Tuesday.
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