By MarketsFarm
WINNIPEG, Dec. 22 (MarketsFarm) – The Canadian dollar was weaker on Tuesday morning, losing ground due to declines in crude oil.
At 8:45 CST Tuesday morning the Canadian dollar was at US$0.7751 or US$1=C$1.2902, which compares with Monday’s North American close of US$0.7783 or US$1=C$1.2849.
Global stock indices were mixed following United States Congress announcing a COVID-19 relief package. The package will include a US$600 stimulus check, which is lower than the initial C$1,200 that was sent in the spring. The package also includes a boost of $300 per week for federal unemployment insurance for unemployed individuals, and tens of billions of dollars across other provisions including rental assistance, vaccine distribution fund. At 8:45 CST the TSX was down by 17.71 points to trade at 17,483.18
Crude oil prices were lower following announcements of tightened restrictions across Canada and abroad due to spikes in COVID-19 cases. West Texas Intermediate (WTI) was down 72 cents at US$47.25 per barrel. Brent Crude lost 66 cents to trade at US$50.25.
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