Glacier FarmMedia — The Canadian dollar was holding steady Tuesday morning, consolidating in a narrow range after Monday’s drop from nearby highs relative to its United States counterpart.
- At 9:03 a.m. CST the Canadian dollar was trading at US$0.7313 or US$1=C$1.3674 which compares with Monday’s close of US$0.7312 or US$1=C$1.3676.
- Gains in crude oil and gold provided spillover support for the commodity-linked Canadian currency.
- Gold was up by 6.21 per cent at US$4,941.70 per ounce, as Monday’s sharp drop caused some investors to buy the dip.
- Shifting geopolitical tensions were supporting energy markets on Tuesday, with an announced trade deal between the U.S. and India — and the resulting suspension of Russian oil exports to India — disrupting the global flow of crude oil.
- West Texas Intermediate was up by 1.38 per cent at US$63.00 per barrel.
- The TSX was up 256.87 points at 9:03 CST to trade at 32,440.75.
