Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 30 (MarketsFarm) – The Canadian dollar was a pinch lower on Monday morning, as crude oil prices were down. However any further weakening of the loonie was tempered by the United States dollar shedding some of its strength.
As of 8:35 am CDT, the Canadian dollar was at US$0.7677 or C$1.3027, compared to Monday’s close of US$0.7687 or C$1.3009.
On the U.S. Dollar Index, the greenback gave up 0.270 of a point at 108.520.
Benchmark crude oil prices were lower on Tuesday morning, as Iraq, one of the world’s largest oil suppliers, indicated it would not refuse any additional export sales, despite OPEC+ moving towards production cuts next month.
Brent crude oil dropped US$3.68 at US$101.41 per barrel. West Texas Intermediate (WTI) fell US$3.23 at US$93.78 per barrel. Western Canadian Select (WCS) lost US$2.94 at US$74.04 per barrel.
The TSX/S&P Composite Index dipped 16.30 points at 19,819.82.
Gold was down US$5.40 at US$1,744.30 per ounce.
