By Commodity News Service Canada
WINNIPEG, MB, Nov. 13, 2018 (CNS Canada) – The Canadian dollar was lower Tuesday morning, as a drop in the price of gold and oil weighed on the market.
At 8:41 CST Tuesday morning the Canadian dollar was at US$0.7551 or C$1.3241, which compares with Friday’s North American close of US$0.7572 or C$1.3206. Canadian markets were closed Monday in lieu of the Remembrance Day holiday.
Oil prices were down Tuesday after United States President Donald Trump pressured OPEC to not cut supply to prop up the market. Brent crude prices lost US$1.97 to US$68.15 per barrel. U.S. light crude fell US$1.30 to US$58.63 per barrel.
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Gold prices fell Tuesday as concerns about Italy’s budget, ongoing Brexit talks and expectations of future U.S. rate hikes, weighed on the market. Spot gold lost 0.2 per cent to US$1,197.77 per ounce, while U.S. gold futures were down 0.5 per cent to US$1,198.00 per ounce.
The Toronto TSX/S&P Composite Index was higher Tuesday morning, supported by renewed hope for a resolution to the ongoing trade war between China and the U.S. The TSX/S&P gained 21.77 points, or 0.14 percent, to 15,187.17, shortly after open.
