By MarketsFarm
WINNIPEG, May 30 (MarketsFarm) – The Canadian dollar was virtually unchanged on Tuesday morning as the United States dollar and global crude oil prices slipped back.
As of 8:35 am CDT, the loonie was at US$0.7354 or C$1.3597, compared to Monday’s close of US$0.7357 or US$1=C$1.3593. On the U.S. Dollar Index, the greenback slipped 0.246 of a point at 103.890.
Benchmark crude oil prices were weaker on Tuesday morning due to an off-risk tone in the Asian markets and growing doubts within the trade that OPEC+ will follow through with production cuts next month.
Brent crude oil dropped US$2.39 at US$74.68 per barrel and West Texas Intermediate (WTI) lost US$2.13 at US$70.54.
Shortly after Tuesday’s open the TSX/S&P Composite Index dipped 40.28 points at 19,927.67.
Gold added US$11.70 at US$1,974.80 per ounce.
