WINNIPEG – The Canadian dollar exceeded the 79 United States cent mark amid rising oil prices and the release of economic data from Statistics Canada.
As of 9:12 a.m. CDT, the loonie was at US$0.7908 or US$1=C$1.2645, compared to US$0.7898 or US$1=C$1.2662 on Monday. Canada’s central data agency reported that the country’s economy expanded by 3.1 per cent in the first quarter, lower than expected. The Bank of Canada is expected to announce a 0.5 point raise of its key interest rate to 1.5 per cent on Wednesday.
The U.S. Dollar Index gained 0.32 of a point to 101.99.
Crude oil prices jumped on Tuesday after China announced that the COVID-19 lockdown in Shanghai will be lifted on Wednesday, as well as the European Union announcing the ban of most Russian oil imports. Brent crude oil jumped US$2.15 per barrel to US$123.82. West Texas Intermediate (WTI) climbed US$3.46 at US$118.53/barrel. Western Canadian Select (WCS) spiked US$4.03 to US$101.15/barrel.
The TSX/S&P Composite Index fell 175.54 points to 20,743.86.
Gold dropped US$3.00 per ounce to US$1,854.30.
