Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 26 (MarketsFarm) – The Canadian dollar nudged lower on Tuesday morning, giving up most of the gains it made yesterday.
As of 8:35 am CDT, the Canadian dollar was at US$0.7766 or C$1.2878, compared to Monday’s close of US$0.7781 or C$1.2852.
On the United States Dollar Index, the greenback added 0.565 of a point at 106.920. The increase comes ahead of a widely expected 75 basis point hike by the U.S. Federal Reserve on Wednesday.
Benchmark crude oil prices were higher on Tuesday morning due to a tightening market. However, upticks were tempered by continuing concerns over a global recession.
West Texas Intermediate (WTI) gained US$1.47 at US$98.17 per barrel. Brent crude oil advanced US$1.72 at US$106.87 per barrel. Western Canadian Select (WCS) increased US$1.40 at US$76.66 per barrel.
At the open, the TSX/S&P Composite Index dipped 33.76 points at 19,070.72.
Gold was down US$1.10 at US$1,718.00 per ounce.
