WINNIPEG – The Canadian dollar was relatively steady on Tuesday morning, as the United States dollar lost a little bit of ground but that was tempered by slightly lower crude oil values.
As of 8:36 am CDT, the loonie was at US$0.7425 or C$1.3470, compared to Monday’s close of US$0.7429 or US$1=C$1.3461. On the U.S. Dollar Index, the greenback declined 0.283 of a point at 102.775.
Benchmark crude oil prices eased back on Tuesday morning, after a report on China’s economy said industrial output, retail sales and fixed-asset investment came in below expectations.
Brent crude oil shed 52 cents at US$85.69 per barrel, West Texas Intermediate was down 70 cents at US$81.81, and Western Canadian Select gave up 92 cents at US$65.49.
Statistics Canada reported on Tuesday that annualized inflation in July climbed to 3.3 per cent from 2.8 per cent in June, as declines in fuel prices slowed.
Shortly after Tuesday’s open the TSX/S&P Composite Index dropped 175.70 points at 20,114.84.
Gold lost US$6.60 at US$1,937.40 per ounce.
