WINNIPEG – The Canadian dollar retreated on Tuesday as crude oil prices are pulled in opposite directions.
As of 8:39 a.m. CDT, the loonie was at US$0.7817 or US$1=C$1.2793, compared to US$0.7838 or US$1=C$1.2758 on Monday. The U.S. Dollar Index gained 0.17 of a point at 101.92, marking the sixth consecutive day the index was above the 100-point mark.
Benchmark crude oil prices considered the potential for more COVID-19 lockdowns in China and the rise in demand for diesel fuel. Brent crude oil added US$1.53 per barrel to US$103.85. West Texas Intermediate (WTI) advanced US$1.82 to US$100.36/barrel. Meanwhile, Western Canadian Select (WCS) fell US$2.56 to US$86.62/barrel.
The TSX/S&P Composite Index continued its recent downturn, shedding 63.85 points to 20,984.04.
Gold jumped US$11.60 per ounce to US$1,907.60.
