Glacier FarmMedia – The Canadian dollar retreated on Wednesday morning due to a stronger United States dollar and falling crude oil prices.
The loonie was at US$0.7130 or US$1=C$1.4025 as of 8:32 a.m. CST, compared to Tuesday’s close at US$0.7144 or US$1=C$1.3997.
The United States Dollar Index was up 0.33 of a point at 99.88.
Crude oil prices tumbled due to oversupply fears. Brent crude oil lost US$1.68 per barrel at US$63.21 per barrel. West Texas Intermediate dropped US$1.62 at US$59.12/barrel.
The TSX/S&P Composite Index rose 194.88 points at 30,231.34. However, the Dow Jones and Nasdaq lost one per cent as they await Nvidia’s earnings report to be released today. Gold jumped US$42.00 per ounce at US$4,108.50.
