By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar fell back on Tuesday morning despite Statistics Canada reporting inflation was lower last month.
As of 8:42 am CDT, the loonie was at US$0.7227 or US$1=C$1.3836 compared to Monday’s close of US$0.7242 or US$1=C$1.3809. On the United States Dollar Index, the greenback shed 0.037 of a point at 97.980.
StatCan said the July consumer price index dipped to an annualized 1.7 per cent, down 0.2 of a point from June. The decline was largely due to a drop in fuel prices at the pump.
Benchmark crude oil prices stepped back on Tuesday morning as geopolitical tensions eased, especially with the possibility of trilateral summit between the U.S., Ukraine and Russia.
West Texas Intermediate gave up 68 cents at US$62.74 and Brent crude oil was down 67 cents at US$65.93 per barrel.
The TSX/S&P Composite Index tacked on 32.39 points at 27,955.24.
Gold nudged up 50 cents at US$3,378.50 per ounce.
