Glacier FarmMedia — The Canadian dollar was softer relative to its United States counterpart Tuesday morning, with losses in crude oil behind some of the weakness in the energy-linked currency.
At 9:02 a.m. CDT the Canadian dollar was trading at US$0.7121 or US$1=C$1.4043 which compares with Friday’s close of US$0.7143 or US$1=C$1.4000. Canadian markets were closed Monday for Thanksgiving.
The International Energy Agency raised its forecast for the world oil surplus in 2026 to four million barrels per day, from an earlier estimate of 3.3 million barrels per day. The adjustment was due to expectations for increased output from OPEC+ while demand should remain sluggish.
West Texas Intermediate was down 1.92 per cent at US$58.35 per barrel.
The TSX was stronger, gaining 371.15 points at 9:02 CDT to trade at 30,222.04.
