By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar pushed up on Tuesday morning, as its United States counterpart lost ground, but the increases were tempered by a lack of direction from crude oil.
Statistics Canada reported the country’s GDP contracted by 0.3 per cent in October, with preliminary reports pointing to a 0.1 uptick for November.
As of 8:38 am CST, the loonie was at US$0.7290 or US$1=C$1.3714, compared to Monday’s close of US$0.7274 or US$1=C$1.3748.
On the U.S. Dollar Index, the greenback eased back 0.164 of a point at 97.790.
Benchmark crude oil prices were relatively steady on Tuesday morning, as Ukrainian attacks on Russian oil facilities essentially balanced out with concerns about ample global supplies.
West Texas Intermediate shed two cents at US$57.99 per barrel and Brent crude dipped four cents at US$62.03.
In morning activity, the TSX/S&P Composite Index added 41.92 points at 32,042.02. Gold advanced US$27.80 at US$4,497.20 per ounce.
