WINNIPEG – The Canadian dollar was up on Tuesday, but held below the 81-cent United States mark despite rising crude oil prices.
As of 8:36 a.m. CDT, the loonie was at US$0.8086 or US$1=C$1.2367, compared to Monday’s close of US$0.8078 or US$1=C$1.2379. The Bank of Canada will make a key interest rate announcement on Wednesday.
Benchmark crude oil prices continue to rally amid declining stockpiles and increasing demand from the United States. Brent crude oil increased two cents per barrel to US$86.01. West Texas Intermediate (WTI) advanced US$0.10 to US$83.86/barrel. Western Canadian Select (WCS) jumped US$0.60 to US$68.40/barrel.
The TSX/S&P Composite Index started Tuesday on a down note, shedding 18.97 points at 21,265.87.
Gold dipped US$8.80 per ounce to US$1,798.00.
