WINNIPEG – The Canadian dollar slightly slipped on Tuesday after the release of underwhelming economic data from Statistics Canada.
As of 8:36 a.m. CDT, the loonie was at US$0.7929 or US$1=C$1.2612, compared to US$0.7935 or US$1=C$1.2603 when markets closed on Monday. Statistics Canada reported on Tuesday the economy contracted by 1.1 per cent in the second quarter, the first drop in a year. Declines in home resale activity and exports were two primary factors for the contraction.
Just one day before OPEC+ and its allies meet to discuss the global market, crude oil was lower on Tuesday. Brent crude oil dropped US$0.47 per barrel to US$72.94. West Texas Intermediate (WTI) declined US$0.52 to US$68.69/barrel. Meanwhile, Western Canadian Select (WCS) lost US$0.53 to US$56.06/barrel.
The TSX/S&P Composite Index gained 45.37 points at 20,630.54.
Gold was down US$2.60 per ounce to US$1,809.60.
