WINNIPEG – Coming off the long weekend, the Canadian dollar advanced on Tuesday, largely due to a weakened United States greenback.
The loonie was at US$0.7272 or US$1=C$1.3751 on Tuesday morning, higher than Friday’s close of US$0.7236 or US$1=C$1.3819. The Bank of Canada (BoC) did not publish a closing exchange rate on Monday due to Remembrance Day.
The U.S. Dollar Index suffered a sharp drop, losing 0.96 of a point at 104.67. The U.S. Labor Department reported that inflation eased to 3.2 per cent in October compared to 3.7 per cent in September.
Crude oil prices saw small increases despite a bearish supply outlook for this quarter by the Energy Information Administration (EIA). Brent crude oil was up US$0.78 at US$83.30 per barrel. West Texas Intermediate (WTI) added US$0.81 at US$79.07/barrel.
The TSX/S&P Composite Index jumped 239.44 points at 19,948.59.
Gold surged US$13.70 at US$1,963.90 per ounce.
