WINNIPEG – The Canadian dollar took a step backwards on Tuesday morning.
The loonie was at US$0.7318 or US$1=C$1.3665, down from US$0.7345 or US$1=C$1.3615 at Monday’s close. The Bank of Canada (BoC) is expected to announce on Wednesday that it will leave its key interest rate unchanged.
Meanwhile, the United States Dollar Index increased 0.29 of a point at 104.64. Today and tomorrow, U.S. Federal Reserve chair Jerome Powell will testify in front of Senate and House Committees, which would provide clues whether the Fed will continue to raise its key interest rate.
Crude oil slipped on Tuesday. Brent crude oil dipped US$0.38 to US$85.80 per barrel. West Texas Intermediate (WTI) declined US$0.37 at US$80.09/barrel. Western Canadian Select (WCS) dropped US$0.59 to US$64.63/barrel.
The TSX/S&P Composite Index fell 62.34 points to 20,452.46.
Gold lost US$15.90 per ounce to US$1,838.70.
