Canadian Dollar and Business Outlook: Stronger U.S. dollar pushing loonie lower
Higher crude limiting Canadian dollar's slip
By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar dipped on Tuesday morning as its United States counterpart continued to gain strength.
As of 8:37 am CDT, the loonie was at US$0.7263 or US$1=C$1.3767 compared to Monday’s close of US$0.7287 or US$1=C$1.3723.
On the U.S. Dollar Index, the greenback was up 0.435 of a point at 98.830.
Analysts forecast the Bank of Canada and the U.S. Federal Reserve to maintain their current interest rates come their respective announcements on Wednesday.
Benchmark crude oil prices were higher on Tuesday morning due to optimism that the U.S. will resolve tariff issues with its major trading partners.
West Texas Intermediate added 62 cents at US$67.33 and Brent crude oil rose 57 cents at US$70.61 per barrel.
The TSX/S&P Composite Index was up shortly after it opened with an increase of 123.74 points at 27,529.16.
Gold added US$9.40 at US$3,319.40 per ounce.
