WINNIPEG – The Canadian dollar came out of the Labour Day weekend lower on Tuesday as investors prepare for the latest key interest rate decision by the Bank of Canada tomorrow.
As of 8:42 a.m. CDT, the loonie was at US$0.7947 or US$1=C$1.2583, compared to US$0.7988 or US$1=C$1.2518 when markets closed on Friday.
Crude oil declined on Tuesday, which also put pressure on the loonie. Brent crude oil dipped US$0.64 per barrel to US$71.58. West Texas Intermediate (WTI) lost US$0.73 to US$68.56/barrel. Meanwhile, Western Canadian Select (WCS) fell US$0.95 to US$56.30/barrel.
The TSX/S&P Composite Index gained 34.72 points at 20,856.15 on Tuesday morning.
Gold shed US$12.55 per ounce to US$1,810.74.
