By Commodity News Service Canada
Winnipeg, May 26 – The Canadian dollar was lower against its American counterpart Tuesday morning, as declining crude oil prices weighed down the loonie. The day also marked the re-opening of markets in the US which had been closed for Memorial Day.
At 8:55 CDT Tuesday morning, the loonie was down 0.0072 of a cent to US$0.8049 or US$1 = C$1.2423. Strength in the US dollar also pushed the price of gold down by more than one percent.
Traders will be watching closely for US economic data which is expected to be released today. It includes consumer confidence for April and durable goods for May.
Investors are also monitoring the situation in Greece which could trigger a run on gold depending which way negotiations go.
On the commodity markets the June crude contract in New York dipped US$1.24 to US$58.50 a barrel. The June gold contract declined $15.70 to US$1,188.30 an ounce.
At 8:55 CDT Tuesday morning, the TSX was down 22.29 points to 15,162.16.
