Compiled by Glen Hallick, MarketsFarm
WINNIPEG, March 30 (MarketsFarm) – The Canadian dollar was lower Tuesday morning, as its United States counterpart gained strength and crude oil prices pulled back.
As of 8:37 CDT, the Canadian dollar was at US$0.7918 or C$1.2631, compared to Monday’s close of US$0.7940 or C$1.2594.
The U.S. Dollar Index saw the greenback push above the 93-point level, rising 0.274 at 93.230 points.
Benchmark crude oil prices were lower on Monday morning, as ship traffic resumed on the Suez Canal. Also, the market will be keeping an eye on developments ahead of tomorrow’s OPEC+ meeting, at which the oil alliance will discuss continuing production cuts.
Brent crude oil was down 89 cents at US$64.09 per barrel. West Texas Intermediate (WTI) fell 96 cents at US$60.60/barrel. Western Canadian Select (WCS) dropped US$1.07 at US$50.24/barrel.
At the opening the TSX/S&P Composite Index stepped back 67.07 points at 18,652.74.
Gold plummeted US$29.00 at US$1,685.50 per ounce.
