By MarketsFarm
WINNIPEG, July 11 (MarketsFarm) – The Canadian dollar was slightly higher on Tuesday morning, benefitting from the gains in crude oil prices and a dip in the United States dollar.
As of 8:35 am CDT, the loonie was at US$0.7539 or C$1.3270, compared to Monday’s close of US$0.7528 or US$1=C$1.3284. On the United States Dollar Index, the greenback eased back 0.072 of a point at 101.570.
Benchmark crude oil prices bumped up on Tuesday morning due to production cuts by Saudi Arabia and Russia, but China’s sluggish economy tempered further increases.
Brent crude oil tacked on 62 cents at US$78.31 per barrel and West Texas Intermediate (WTI) rose 66 cents at US$73.65. Western Canadian Select gained 47 cents at US62.35/barrel.
On Wednesday the Bank of Canada will make its next interest rate announcement, with the central bank likely to raise its key rates by 25 basis points to 4.75 per cent.
Shortly after Tuesday’s open the TSX/S&P Composite Index was up 43.50 points at 19,865.95.
Gold added US$5.40 at US$1,936.40 per ounce.
