WINNIPEG – Despite the conflict in Ukraine, the Canadian dollar was higher on Tuesday after the release of welcome economic news.
As of 8:39 a.m. CST, the loonie was at US$0.7899 or US$1=C$1.2660, compared to US$0.7875 or US$1=C$1.2698 on Monday. Statistics Canada announced on Tuesday that the country’s gross domestic product (GDP) grew 4.6 per cent in 2021, while growth in the fourth quarter was at 6.7 per cent. Household spending and residential construction were the two major factors contributing to economic growth.
The United States Dollar Index was up 0.42 of a point at 97.13.
Crude oil prices continued their rallies amidst Russia’s invasion of Ukraine. However, OPEC+ is expected to approve a modest supply increase for April on Wednesday. Brent crude oil rose US$5.65 per barrel to US$103.62. West Texas Intermediate (WTI) added US$5.88 to US$101.60/barrel. Western Canadian Select (WCS) jumped US$5.12 to US$89.10/barrel.
The TSX/S&P Composite Index advanced 72.71 points to 21,199.07.
Gold spiked US$20.20 per ounce to US$1,920.20.
