By MarketsFarm
WINNIPEG, Oct. 12 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning, taking some direction from crude oil.
At 8:52 a.m. CDT Tuesday morning the Canadian dollar was at US$0.7240 or US$1=C$1.3812, which compares with Tuesday’s close of US$0.7260 or US$1=C$1.3775.
Crude oil remained pressured by global recessionary fears for the third session in a row, with a cut to the International Monetary Fund’s global growth outlook on Tuesday contributing to the decline. Ideas that the United States will continue to raise interest rates to curb inflation boosted the U.S. dollar internationally, which contributed to the weakness in both the Canadian dollar and crude oil.
However, the conflict in Ukraine and unrest in Iran continued to be followed closely by traders. West Texas Intermediate crude oil was down by 1.3 per cent at 88.20 per barrel.
The TSX was down by 34.46 points at 8:52 CDT, trading at 18,182.22 points.
