Compiled by Glen Hallick, MarketsFarm
WINNIPEG, May 10 (MarketsFarm) – The Canadian dollar was a pinch lower Tuesday morning as the United States dollar remained strong and as crude oil prices dipped.
As of 8:38 am CDT, the Canadian dollar was at US$0.7704 or C$1.2979, compared to Monday’s close of US$0.7714 or C$1.2964.
On the U.S. Dollar Index, the greenback was relatively steady with a dip of 0.004 of a point at 103.685.
Benchmark crude oil prices were slightly lower on Tuesday morning, as talks between the European Union and Hungary over sanctions against Russia made some progress. Hungary’s government opposes taking such action due to its dependence on Russian fossil fuels.
West Texas Intermediate (WTI) stepped back 28 cents at US$102.81 per barrel. Brent crude oil lost 39 cents at US$105.55 per barrel. Meanwhile, Western Canadian Select (WCS) bumped up 69 cents at US$88.68 per barrel.
At the open, the TSX/S&P Composite Index reversed course from yesterday to rise 195.60 points at 20,195.29.
Gold was up US$3.80 at US$1,862.40 per ounce.
