By MarketsFarm
WINNIPEG, Feb. 21 (MarketsFarm) – The Canadian dollar was a pinch lower on Tuesday morning as there was little of strength in the United States dollar and mixed signals from crude oil.
Trading resumed after holidays in Canada and the U.S on Monday.
As of 8:40 am CST, the loonie was at US$0.7407 or C$1.3497, compared to Friday’s close of US$0.7415 or US$1=C$1.3487. On the U.S. Dollar Index, the greenback added 0.210 of a point at 103.990.
Benchmark crude oil prices were mixed on Tuesday morning, with pressure coming from expectations of another interest rate hike by the U.S. Federal Reserve. Support came from indications of renewed demand for oil from China.
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Brent crude oil lost 77 cents at US$83.30 per barrel. West Texas Intermediate (WTI) gained 63 cents at US$76.97. Western Canadian Select (WCS) bumped up 28 cents at US$58.31.
Statistics Canada reported inflation eased back to 5.9 per cent last month, down from 6.3 per cent in December. Analysts forecast inflation to be 6.1 per cent in January.
Shortly after Tuesday’s open the TSX/S&P Composite Index shed 84.08 points at 20,431.79.
Gold nudged up 70 cents at US$1,850.90 per ounce.
