Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 12 (MarketsFarm) – The Canadian dollar pulled back on Tuesday morning, in the face of a stronger United States dollar and a sharp drop in crude oil prices.
As of 8:34 am CDT, the Canadian dollar was at US$0.7679 or C$1.3021, compared to Monday’s close of US$0.7692 or C$1.3000. On the U.S. Dollar Index, the greenback gained 0.131 of a point at 107.965.
Benchmark crude oil prices were falling on Tuesday morning as another resurgence of COVID-19 in China pushed the global economy further towards a recession.
West Texas Intermediate (WTI) retreated US$5.07 at US$99.02 per barrel. Brent crude oil gave up US$4.89 at US$102.21 per barrel. Western Canadian Select (WCS) fell US$4.25 at US$78.18 per barrel.
At the open, the TSX/S&P Composite Index lost 104.48 points at 18,712.32.
Gold was down US$3.10 at US$1,728.60 per ounce.
