By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar shed less than a 10th of a cent on Tuesday, unable to glean support from increased oil prices and a slightly weaker United States dollar.
The loonie closed on Tuesday at US$0.7230 or US$1=C$1.3832 compared to Monday’s close of US$0.7238 or US$1=C$1.3816. The U.S. Dollar Index dipped 0.115 of a point at 96.860.
Benchmark crude oil prices were higher on Tuesday, after Iraq delayed its exports from Kurdistan as the market was concerned about an oversupply on the world market.
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West Texas Intermediate gained US$1.31 at US$63.659 per barrel and Brent crude rose US$1.327 at US$67.84.
Bank of Canada Governor Tiff Macklem said on Tuesday in Saskatoon that the country has waited too long to diversify its international trade away from the U.S.
Meanwhile in Providence, R.I., U.S. Federal Reserve Chair Jerome Powell said the Fed will be cautious with any future interest rate cuts.
The Organization for Economic Co-operation and Development projected the Canadian economy to grow 1.1 per cent in 2025 and 1.2 per cent in 2026. The U.S. economy is to expand by 1.8 per cent and then 1.5 per cent.
While the TSX Composite Index stepped away from setting another all-time record high close, it peaked above 30,000 points for the first time before settling back. The TSX gave up 143.35 points to close at 29,815.63.
Gold was up US$22.00 at US$3,797.10 per ounce.
