WINNIPEG – The Canadian dollar crossed the 79 United States cent mark on Tuesday as crude oil prices jumped.
As of 8:36 a.m. CST, the loonie was at US$0.7908 or US$1=C$1.2531 on Tuesday, compared to US$0.7887 or US$1=C$1.2679 on Monday.
The U.S. Dollar Index held steady at 95.99. Federal Reserve chair Jerome Powell will appear before the Senate Banking Committee this morning for consideration of a second four-year term as chair. The World Economic Forum (WEF) revealed the results of a survey of 1,000 members on Tuesday, saying that only one in 10 believes the global economy will accelerate over the next three years.
Benchmark crude oil prices were higher on Tuesday due to tightening supply. Both the industry-funded American Petroleum Institute and the Energy Information Agency will deliver monthly reports this week. Brent crude oil rose US$1.28 per barrel at US$82.15. West Texas Intermediate (WTI) added US$1.29 to US$79.52/barrel. Western Canadian Select (WCS) surged US$1.68 to US$67.56/barrel.
The TSX/S&P Composite Index continued its downturn, shedding 41.98 points to 21,030.34.
Gold increased US$3.70 per ounce to US$1,802.50.
