By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar pushed higher on Tuesday, as its United States counterpart fell back and there were gains in crude oil.
The increase in the loonie comes before tomorrow morning’s Bank of Canada interest rate announcement. The U.S. Federal Reserve follows with its announcement in the afternoon. Expectations are that each central bank is likely to cut their rates, although a freeze is possible.
The Canadian dollar closed Tuesday at US$0.7274 or US$1=C$1.3748 compared to Monday’s close of US$0.7244 or US$1=C$1.3804. The U.S. Dollar Index dropped 0.590 of a point at 96.310.
Benchmark crude oil prices advanced on Tuesday, on the possibility of more drone attacks on Russian refineries and ports made by Ukraine.
West Texas Intermediate rose US$1.27 at US$64.57 and Brent crude gained US$1.05 at US$68.49 per barrel.
The Canadian government announced that it will introduce its next budget on Nov. 4.
The TSX Composite Index lost 115.79 points on Tuesday to close at 29,315.23.
Gold was up US$9.10 at US$3,728.10 per ounce.
