WINNIPEG – The Canadian dollar weakened again on Tuesday morning as pressure was felt on crude oil and the federal government prepares a fiscal update for later today.
As of 8:41 a.m. CST, the loonie was at US$0.7793 or US$1=C$1.2832, compared to Monday’s close of US$0.7818 or US$1=C$1.2791. Canadian finance minister Chrystia Freeland will release an updated accounting of federal finances later today.
The U.S. Dollar Index was down 0.03 of a point to 96.29 as investors await an announcement from the U.S. Federal Reserve regarding key interest rates later this week.
Benchmark crude oil prices were down on Tuesday due to fears over the Omicron COVID-19 variant and the International Energy Agency announcing that the global oil market has returned to surplus. Brent crude oil dropped US$0.96 per barrel to US$73.43. West Texas Intermediate (WTI) declined US$0.89 to US$70.40/barrel. Western Canadian Select (WCS) tumbled US$1.58 to US$53.52/barrel.
The TSX/S&P Composite Index lost 19.52 points at 20,728.93.
Gold shed US$18.80 per ounce to US$1,769.50.
