Canadian Dollar and Business Outlook: U.S. dollar nudges loonie lower
Rate freeze expected from BoC on Wednesday
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar eased back on Tuesday morning as its United States counterpart was higher.
As of 8:36 am CDT, the loonie was at US$0.7288 or US$1=C$1.37109 compared to Monday’s close of US$0.7296 or US$1=C$1.3707. On the U.S. Dollar Index, the greenback gained 0.405 of a point at 99.045.
The Bank of Canada is scheduled to announce its next interest move on Wednesday. Expectations are for the Canadian central bank to stand pat.
Benchmark crude oil prices were moderately higher on Tuesday morning, due to increased geopolitical tensions, especially the Russia-Ukraine war and nuclear talks between the U.S. and Iran.
Brent crude oil added 44 cents at US$65.07 per barrel and West Texas Intermediate was up 50 cents at US$63.02.
The TSX/S&P Composite Index shed 12.54 points shortly after it opened, dipping to 26,376.42.
Gold pulled back US$13.20 at US$3,384.00 per ounce.
