By Glen Hallick
Glacier FarmMedia – The Canadian dollar was higher on Tuesday, as part of the positioning ahead of Wednesday’s interest rate announcements from the Bank of Canada at 8:45 a.m. CST, and the United States Federal Reserve at 1 p.m. CST. Analysts’ predicted rate freezes by both central banks.
Also, the Canadian dollar was supported by weakness in its U.S. counterpart and a jump crude in oil prices. The loonie finished at US$0.7342 or US$1=C$1.3620 compared to Monday’s finish of US$0.7282 or US$1=C$1.3732.
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On the U.S. Dollar Index, the greenback dropped 1.207 points at 95.650.
Benchmark crude oil prices increased on Tuesday, due to rising geopolitical tensions in Ukraine and the Middle East.
West Texas Intermediate climbed US$1.70 at US$62.33 per barrel, while Brent crude gained US$1.82 at US$67.41.
Canadian Prime Minister Mark Carney reiterated he meant what he said in his speech at the World Economic Forum. This came after the Trump administration claimed Carney “aggressively” walked back some of what he said at the forum.
The TSX Composite Index tacked on 3.08 points on Tuesday to close at 33,092.40.
Gold advanced US$100.60 at US$5,183.10 per ounce, setting another record high.
