Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 12 (MarketsFarm) – The Canadian dollar was a pinch higher on Tuesday morning, as global crude oil prices recovered a large chunk of yesterday’s losses.
As of 8:36 am CDT, the Canadian dollar was at US$0.7929 or C$1.2612, compared to Monday’s close of US$0.7923 or C$1.2621.
The Bank of Canada is scheduled to make its next announcement on its key interest rate on Wednesday. It’s widely expected by analysts that the central bank will boost the rate by another half-point, bringing it to 0.75 per cent.
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On the U.S. Dollar Index, the greenback was virtually unchanged at 99.935.
Benchmark crude oil prices were higher on Monday morning, as China eased lockdown restrictions for its financial capital of Shanghai. As well, OPEC stated it would be virtually impossible for them to make up the seven million barrels per day Russia produces as international sanctions take effect.
West Texas Intermediate (WTI) increased US$4.21 at US$98.59 per barrel. Brent crude oil advanced US$4.69 at US$103.17 per barrel. Meanwhile, Western Canadian Select (WCS) rose US$3.28 at US$84.99 per barrel.
The TSX/S&P Composite Index opened with a gain of 107.37 points at 21,897.86.
Gold jumped US$27.70 at US$1,975.90 per ounce.
