WINNIPEG – While still moving in opposite directions, the Canadian dollar made slight gains on Wednesday while crude oil broke from its recent rallies.
As of 8:41 a.m. CST, the loonie was at US$0.7802 or US$1=C$1.2817, compared to US$0.7772 or US$1=C$1.2867 on Tuesday.
The United States Dollar Index lost 0.90 of a point at 98.16.
A ban on Russian oil imports to the U.S. was announced by the White House on Tuesday, but the vote in the House of Representatives has been delayed. The United Kingdom also announced a ban on Russian oil on the same day. Despite these announcements, prices are now fluctuating. Brent crude oil dropped US$6.14 per barrel to US$121.84. West Texas Intermediate (WTI) fell US$6.69 to US$117.01/barrel. Western Canadian Select (WCS) declined US$6.61 to US$104.35/barrel.
The TSX/S&P Composite Index also reversed course, adding 59.57 points to 21,291.60.
Gold has now dropped below US$2,000 per ounce, losing US$48.50 per ounce to US$1,994.80.
