Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 27 (MarketsFarm) – The Canadian dollar was virtually unchanged on Tuesday morning, as slightly higher United States dollar balanced out gains in crude oil prices. Also supportive of the loonie was a report from S&P Global Ratings.
As of 8:44 CDT, the Canadian dollar was at US$0.8055 or C$1.2413 compared to Monday’s close of US$0.8057 or C$1.2403.
After the markets closed on Monday, S&P announced it will maintain Canada’s AAA credit rating despite a historically large deficit. Also, S&P projected the Canadian economy to grow by 5.5 per cent in 2021, following by 2.4 per cent growth in 2022.
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On the U.S. Dollar Index, the greenback up 0.140 at 90.920 points.
Benchmark crude oil prices were slightly higher on Tuesday morning, on expectations of strong economic rebound in China and signs the U.S economy was on the upswing. That was tempered by concerns over the global surge of COVID-19 cases.
Brent crude oil rose 56 cents at US$66.21 per barrel. West Texas Intermediate (WTI) gained 65 cents at US$62.56/barrel. Western Canadian Select (WCS) increased 51 cents at US$50.22/barrel.
At the opening the TSX/S&P Composite Index was up 68.23 points at 19.170.56.
Gold dipped 90 cents at US$1,779.20 per ounce.
