By Commodity News Service Canada
Winnipeg, February 17 – The Canadian dollar was higher against its American counterpart Tuesday morning, as investors positioned themselves due to the worsening political situation in Greece.
At 8:50 CST Tuesday morning, the loonie was up 0.0037 of a cent to US$0.8056 or US$1 = C$1.2413. European leaders are concerned Greece could default on the terms of its loan agreement as it seeks to strike a new deal with its lenders. Talks between the Greek Prime Minister and his 18 Eurozone counterparts broke down Monday. The current financing mechanism expires on February 28 after which time Greece could find it difficult to meet its payments.
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Oil prices continue to rally as both Brent and West Texas Intermediate supplies closed above their 50-day moving averages. Meanwhile, bad weather hampered Iraq’s southern oil shipments this month.
Oil investment in the Middle East is extremely low right now due to conflict in the region, analysts said.
On the commodity markets the March crude contract in New York dipped US$0.15 to US$52.63 a barrel. March copper declined four cents to US$2.57 a pound while the April gold contract fell $5.30 to US$1,221.80 an ounce.
At 8:50 CST Tuesday morning, the TSX was down 35.25 points to 15,229.56.
