By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar dipped below 71 U.S. cents on Tuesday morning, as the United States dollar swung higher and crude oil slipped back.
There may also be positioning ahead of today’s federal budget this afternoon. The Liberal government is expected to introduce a budget that brings cost cutting in some areas and greater spending in others.
As of 8:38 am CST, the loonie was at US$0.7095 or US$1=C$1.4093 compared to Monday’s close of US$0.7114 or US$1=C$1.4057. On the United States Dollar Index, the greenback added 0.298 of a point at 100.005.
Benchmark crude oil prices were lower Tuesday morning, due the stronger U.S. dollar and concerns regarding excessive global supply.
West Texas Intermediate gave up 66 cents at US$60.39 per barrel and Brent crude oil was down 62 cents at US$64.27 per barrel.
In morning activity, the TSX/S&P Composite Index fell 443.65 points at 29,831.41. Gold dropped US$38.50 at US$3,975.50 per ounce.
