Canadian Dollar and Business: Loonie gains some ground
Subtle shifts in greenback, crude oil lend support
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was slightly higher on Tuesday morning, due to small adjustments in the United States dollar and global crude oil prices.
As of 8:42 am CDT, the loonie was at US$0.7372 or US$1=C$1.3565 compared to Monday’s close of US$0.7362 or C$1.3583. On the U.S. Dollar Index, the greenback slipped 0.110 of a point at 103.830.
Benchmark crude oil prices bumped up on Tuesday morning as OPEC+ reasserted the alliance will cut production levels.
Brent crude oil added nine cents at US$86.84 per barrel, while West Texas Intermediate climbed 24 cents at US$82.19.
Shortly after Tuesday’s open the TSX/S&P Composite Index dipped 21.67 points at 21,920.61.
Gold advanced US$13.50 at US2,211.70 per ounce.
