WINNIPEG – The Canadian dollar took a step back on Tuesday morning after reaching a three-and-a-half-year high on Monday.
As of 8:45 a.m. CDT, the loonie was at US$0.8257 or US$1=C$1.2111 compared to US$0.8268 or US$1=C$1.2095 when markets closed on Monday. The Canadian dollar’s recent rise was attributed to higher commodity prices and a weakening U.S. dollar.
Benchmark oil prices continued to go down on Tuesday due to ongoing COVID-19 concerns in India and yesterday’s cyber attack on U.S.-based fuel pipeline system Colonial Pipeline. Brent crude lost US$0.52 per barrel to US$67.80. West Texas Intermediate (WTI) dropped by US$0.56 to US$64.36/barrel. Western Canadian Select (WCS) slipped back by US$0.78 at US$50.64/barrel.
A sharp decline in tech stocks has caused the TSX/S&P Composite Index to fall by 134.45 points to 19,227.43.
Gold dropped by US$10.23 per ounce to US$1,825.84.
