By Glen Hallick
Glacier FarmMedia – The Canadian dollar pulled back on Tuesday morning due to strength in the United States dollar and declines in crude oil. Trading in the loonie resumed following Monday’s holiday.
As of 8:36 am CST, the Canadian dollar was at US$0.7315 or US$1=C$1.3673, compared to Friday’s close of US$0.7345 or US$1=C$1.3614.
On the U.S. Dollar Index, the greenback gained 0.471 of a point at 97.290.
Benchmark crude oil prices were lower on Tuesday morning, as the market continued to watch talks between the U.S. and Iran, as well as negotiations between Russia, Ukraine and the U.S.
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West Texas Intermediate shed nine cents at US$62.80 per barrel and Brent crude lost 92 cents at US$67.71.
Inflation in Canada during January dipped to an annualized rate of 2.3 per cent, Statistics Canada said on Tuesday. Ahead of the report, analysts predicted the consumer price inflation index to hold at December’s rate of 2.4 per cent.
In morning activity on Tuesday, the TSX/S&P Composite Index dropped 192.85 points at 32,880.86. Gold fell US$129.30 at US$4,917.00 per ounce.
