Canadian Dollar and Business Outlook: Stronger US$ pulls down loonie
Greenback overpowers gains in crude oil prices
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar fell back on Tuesday morning, as trading resumed following the New year’s holiday.
As of 8:33 am CST, the loonie was at US$0.7508 or C$1.3317, compared to Friday’s close of US$0.7561 or US$1=C$1.3226.
On the U.S. Dollar Index, the greenback advanced 0.796 of a point at 101.825.
Benchmark crude oil prices were higher Tuesday morning, after Iran deployed a warship into the Red Sea, heightening tensions in the region. Iran has backed Houthi rebels in Yemen, who have been launching attacks on commercial vessels in the Red Sea.
Brent crude oil gained US$1.20 at US$78.24 per barrel, while West Texas Intermediate added US$1.12 at US$72.77.
Shortly after Tuesday’s open the TSX/S&P Composite Index stepped back 45.36 points at 20,913.08.
Gold was up US$2.60 at US2,074.40 per ounce.
