Glacier FarmMedia — The Canadian dollar weaker on Tuesday, pressured by losses in crude oil.
The Canadian dollar settled at US$0.7119 or US$1=C$1.4046, which compares with Friday’s close of US$0.7143 or US$1=C$1.4000. Canadian markets were closed Monday for Thanksgiving.
The International Energy Agency raised its forecast for the world oil surplus in 2026 to four million barrels per day, from an earlier estimate of 3.3 million barrels per day. The adjustment was due to expectations for increased output from OPEC+ while demand should remain sluggish.
The continued shutdown of the U.S. government and resulting lack of economic data remained a feature in the financial markets.
West Texas Intermediate crude oil was down by 1.40 per cent at US$58.66 per barrel.
The TSX Composite Index was up by 502.72 points at 30,353.61 points.
