Canadian Dollar and Business Outlook: Loonies turns lower
Greenback nudges up as crude falls
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar stepped back Tuesday morning, due to upticks in the United States dollar and decreases in crude oil.
As of 8:34 am CDT, the loonie was at US$0.7312 or US$1=C$1.3677 compared to Monday’s close of US$0.7334 or US$1=C$1.3635. On the U.S. Dollar Index, the greenback bumped up 0.097 of a point at 104.175.
The Bank of Canada is scheduled to make its interest rate announcement tomorrow at 8:45 am CDT with analysts predicting the central bank will cut its key lending rate.
Benchmark crude oil prices chalked up more declines on Tuesday morning, as OPEC+ may ramp up its production sooner than expected. Brent crude oil lost US$1.51 at US$76.85 per barrel and West Texas Intermediate gave up US$1.56 at US$72.66.
Shortly after Tuesday’s open the TSX/S&P Composite Index retreated 160.65 points at 21,956.04.
Gold dropped US$13.00 at US$2,356.30 per ounce.
