By Glen Hallick
Glacier FarmMedia – The Canadian dollar stepped back on Wednesday morning, despite a renewed upswing in crude oil prices.
As of 8:39 am CDT, the Canadian dollar was at US$0.7357 or US$1=C$1.3592 compared to Monday’s close of US$0.7371 or US$1=C$1.3567.
On the United States Dollar Index, the greenback gained 0.286 of a point at 98.845.
Benchmark crude oil prices were stronger on Wednesday morning, following Iranian attacks on vessels in the Strait of Hormuz, hitting three. The increases were tempered somewhat by the International Energy Administration calling for the release of 400 million barrels from strategic reserves.
West Texas Intermediate advanced US$1.88 at US$85.33 per barrel and Brent crude jumped US$2.44 at US$90.24.
In Tuesday morning activity, the TSX/S&P Composite Index lost 164.55 points at 33,106.10.
Gold was down US$54.90 at US$5,187.20 per ounce.
