Canada’s benchmark index looked set to open in the negative territory on Wednesday, pressured by falling commodity prices.
Precious metal prices were in the red, hurt by a strong U.S. currency. Action Economics ( AE ) said the dollar rallied following the firmer-than-consensus GDP revision.
Meanwhile, AE also said that the lower oil price and higher gasoline price divergence continued, as the consequences of storm-ravaged on the U.S. Gulf of Mexico coast continued. This apparent dichotomy is being driven by the sudden closure of refineries that account for 23% of U.S. oil refining capacity.
The TSX gained 30 points on Tuesday, with materials in the lead.
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