Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 13 (MarketsFarm) – The Canadian dollar was stronger on Tuesday morning, as the United States dollar fell back and crude oil prices gained ground.
As of 8:38 am CST, the Canadian dollar was at US$0.7375 or C$1.3557, compared to Monday’s close of US$0.7322 or C$1.3658.
On the U.S. Dollar Index, the greenback dropped 1.554 points at 103.220.
The drop was generated by a U.S. Department of Labor report that said the country’s rate of inflation incurred its smallest increase in a year, up 0.2 per cent in November.
Benchmark crude oil prices were higher on Monday morning as China continued to loosen its COVID-19 restrictions. Also, the ongoing shutdown of the Keystone pipeline underpinned values.
Brent crude oil advanced US$1.90 at US$79.89 per barrel. West Texas Intermediate (WTI) rose US$1.62 at US$74.79/barrel. Meanwhile, Western Canadian Select (WCS) gained US$1.53 at US$46.64/barrel.
Shortly after Monday’s open the TSX/S&P Composite Index jumped 307.66 points at 20,327.36.
Gold surged US$38.00 at US$1,830.30 per ounce.
