By Glen Hallick
Glacier FarmMedia – The Canadian dollar eased back on Tuesday, as a weaker United States dollar edged out gains in crude oil.
The Canadian dollar finished at US$0.7174 or US$1=C$1.3939 compared to Monday’s close of US$0.7181 or US$1=C$1.3926. On the U.S. Dollar Index, the greenback fell 0.703 of a point at 99.650.
Benchmark crude oil prices were lower on Tuesday afternoon, as U.S. President Donald Trump and Iranian President Masoud Pezeshkian expressed their willingness to bring the Middle East war to an end.
West Texas Intermediate gave up $1.14 at US$101.74 per barrel, and Brent crude lost US$3.54 at US$103.85.
Statistics Canada reported today the country’s GDP inched up 0.1 per cent in January. While oil and gas extraction led gains with a 1.6 increase, the manufacturing sector decreased the most with a 1.4 per cent contraction.
With the war news, the TSX Composite Index vaulted 833.10 points on Tuesday, finishing at 32,768.04. The S&P 500, Dow Jones and NASDAQ were sharply higher as well.
Gold jumped by US$145.60 at US$4,703.10 per ounce.
