By MarketsFarm
WINNIPEG, Oct. 22 (MarketsFarm) The Canadian dollar was slightly lower on Tuesday, as investors digest the results of the country’s federal election.
At 8:30 CDT, the Canadian dollar was at US$0.7627 or C$1.3111, which compares with Monday’s North American close of US$0.7636 or C$1.3096.
Investors are watching Brexit developments closely as the Oct. 31 deadline draws near. United Kingdom Prime Minister Boris Johnson told Members of Parliament that if this deal was rejected, and the European Union allowed a delay to the October exit, Johnson would call a general election. Johnson described Parliament as “caught in a deadlock of its own making.”
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Oil prices were stronger on Tuesday morning, which was supportive of the Canadian dollar. Oil prices rose due to rumours of progress for a trade deal between the United States and China. Brent Crude was up 71 cents at US$59.67 per barrel, and West Texas Intermediate (WTI) was up 85 cents at US$54.16 per barrel.
The TSX gained at 8:45 CDT, up 48.49 points at 16,466.94. The S&P 500 Index was up 4.47 points to hit 3,011.35. The Dow Jones gained 6.67 points at 26,835.84. The NASDAQ increased, up 25.40 to hit 8,188.31.
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