By Glen Hallick
Glacier FarmMedia – The Canadian dollar stepped back on Wednesday, giving up about a tenth of a cent despite increased crude oil prices.
The loonie finished at US$0.7360 or US$1=C$1.3587 compared to Tuesday’s close of US$0.7371 or US$1=C$1.3567. On the United States Dollar Index, the greenback rose 0.406 of a point at 98.965.
Benchmark crude oil prices were stronger on Wednesday afternoon, following Iranian attacks on three vessels in the Strait of Hormuz. Also, reports said Iran deployed several mines in the shipping lanes.
The sharp upswing was tempered somewhat by the International Energy Administration announcement that it will release a record high 400 million barrels of oil from strategic reserves, including those in Canada.
West Texas Intermediate increased US$4.83 at US$88.28 per barrel, and Brent crude advanced US$4.97 at US$92.77.
The TSX Composite Index gave up 150.82 points on Wednesday to finish at 33,119.83.
Gold was down US$55.50 at US$5,186.50 per ounce.
