WINNIPEG – After a large drop on Monday, the Canadian dollar regained some of its losses on Tuesday after the announcement of welcome inflation news.
As of 9:08 a.m. CDT, the loonie was at US$0.7768 or US$1=C$1.2873, compared to US$0.7747 or US$1=C$1.2908 on Monday. Statistics Canada reported on Tuesday that Canada’s annual inflation rate dropped to 7.6 per cent in July, the first monthly decline of the inflation rate since April 2020.
The United States Dollar Index increased 0.02 of a point at 106.56.
Crude oil prices underwent a small correction on Tuesday after large drops on Monday due to demand concerns in China. Brent crude oil gained US$0.22 per barrel to US$95.32. West Texas Intermediate (WTI) rose US$0.44 at US$89.85/barrel. Meanwhile, Western Canadian Select (WCS) lost US$0.08 to US$69.51/barrel.
The TSX/S&P Composite Index added 22.27 points to 20,202.87.
Gold fell US$6.90 per ounce to US$1,791.20.
