By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar was stronger on Tuesday morning, as its United States counterpart lost ground and crude oil continued upward.
As of 8:35 am CDT, the loonie was at US$0.7278 or US$1=C$1.3739 compared to Monday’s close of US$0.7244 or US$1=C$1.3804. On the U.S. Dollar Index, the greenback gave up 0.350 of a point at 96.550.
Statistics Canada reported on Tuesday that inflation in August rose to 1.9 per cent year-over-year, up 0.2 of a point from July.
On Wednesday, the Bank of Canada and the U.S. Federal Reserve will make their next interest rate announcements.
Benchmark crude oil prices were higher on Tuesday morning, due to Ukraine’s drone attacks on Russian ports and refineries over the weekend.
West Texas Intermediate climbed 83 cents at US$64.13 per barrel and Brent crude oil added 68 cents at US$68.12 per barrel.
The TSX/S&P Composite Index peeled back by 56.23 points at 29,363.39. Gold was up US$10.20 at US$3,729.30 per ounce.
