Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Jan. 25 (MarketsFarm) – The Canadian dollar was a pinch higher on Tuesday morning despite a stronger United States dollar.
As of 8:41 am CST, the Canadian dollar was at US$0.7915 or C$1.2641, compared to Monday’s close of US$0.7901 or C$1.2656.
On the U.S. Dollar Index, the greenback rose 0.299 of a point at 96.200.
Former Bank of Canada Governor David Dodge predicted on Tuesday that the central bank will increase its key interest rate by at least 100 basis points during 2022. Market expectations are current governor Tiff Macklem could announce the first of the increases at Wednesday’s news conference.
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At the open, the TSX/S&P Composite Index sank 206.57 points at 20,364.73.
Benchmark crude oil prices were steady to higher on Tuesday morning due to concerns over Russia-Ukraine border tensions. However, forthcoming interest rate hikes in the U.S. threw caution into the market.
West Texas Intermediate (WTI) was unchanged at US$83.31 per barrel. Brent crude oil bumped up 27 cents at US$86.54 per barrel. Meanwhile, Western Canadian Select (WCS) dipped one cent at US$69.77 per barrel.
Gold eased back US$1.00 at US$1,840.70 per ounce.
