Glacier FarmMedia – The Canadian dollar was down slightly on Wednesday morning as crude oil prices weakened.
The loonie was at US$0.7305 or US$1=C$1.3689 as of 8:34 a.m. CST, compared to Tuesday’s close at US$0.7308 or US$1=C$1.3684. The United States Dollar Index dipped 0.14 of a point at 98.91.
Crude oil prices were down after the Trump administration announced it will insure and send military escorts for oil tankers on the Strait of Hormuz. West Texas Intermediate dropped US$0.67 at US$73.89 per barrel. Brent crude oil was down US$0.59 at US$80.81/barrel.
The TSX/S&P Composite Index was rebounding from Tuesday’s losses, gaining 93.53 points at 33,878.41.
Gold was also making a comeback, adding US$52.50 per ounce at US$5,176.20.
