By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar increased by almost a quarter cent on Tuesday, as its United States counterpart fell back and crude oil chalked up gains.
This was also despite Statistics Canada reporting the country’s economy shrank by 0.3 per cent in October. StatCan’s preliminary estimate called for a 0.1 per cent growth in November.
The loonie closed at US$0.7297 or US$1=C$1.3705 compared to Monday’s close of US$0.7274 or US$1=C$1.3748. On the U.S. Dollar Index, the greenback lost 0.324 of a point at 97.630.
Benchmark crude oil prices were modestly higher on Tuesday, as good U.S. economic growth and possible supply disruptions in Russia and Venezuela edged out ample global supplies.
West Texas Intermediate gained 47 cents at US$58.48 per barrel and Brent crude rose 41 cents at US$62.48/barrel.
The TSX Composite Index bumped up 53.63 points on Tuesday at 32,058.73, setting a new record close for the second day in a row.
Gold advanced US$49.60 at US$4,519.00 per ounce.
