By MarketsFarm
WINNIPEG, Aug. 29 (MarketsFarm) – The Canadian dollar was lower on Tuesday morning as the United States dollar was somewhat stronger, but a small uptick in crude oil prices held back further losses in the loonie.
As of 8:40 am CDT, the loonie was at US$0.7342 or C$1.3620, compared to Monday’s close of US$0.7355 or US$1=C$1.3596. On the U.S. Dollar Index, the greenback increased 0.268 of a point at 104.260.
Benchmark crude oil prices were a pinch higher on Tuesday morning, due to supply concerns as Hurricane Idalia moved towards the Florida Gulf Coast.
Brent crude oil advanced 30 cents at US$84.72 per barrel, West Texas Intermediate tacked 21 cents at US$80.31, and Western Canadian Select added 49 cents at US$61.16.
Shortly after Tuesday’s open the TSX/S&P Composite Index was up 53.44 points at 20,078.58.
Gold dipped 80 cents at US$1,946.00 per ounce.
