WINNIPEG – Despite its reputation as a petrocurrency, the Canadian dollar continues to move in the opposite direction of crude oil.
As of 8:40 a.m. CST, the loonie was at US$0.7790 or US$1=C$1.2837, compared to US$0.7829 or US$1=C$1.2773 on Monday.
The United States Dollar Index lost 0.27 of a point at 99.02.
A ban on Russian oil imports to the U.S. is expected to be announced by the White House later today. Brent crude oil jumped US$6.47 per barrel to US$129.68. West Texas Intermediate (WTI) rose US$5.35 to US$124.75/barrel. Western Canadian Select (WCS) advanced US$4.59 to US$112.16/barrel.
The TSX/S&P Composite Index added 56.24 points to 21,360.64.
Gold climbed US$25.30 per ounce to US$2,021.20.
