Loonie Slips Back Amid Crude Oil Decline

The Canadian dollar weakened on Tuesday morning, slipping back to levels not seen in over a month. At 8:48 a.m. CDT, the loonie was trading at US$0.7121 or approximately C$1.4043 per USD.

This decline comes as crude oil prices continue to fall, despite reports that shipments from the Port of Yanbu in Saudi Arabia may resume soon. Brent crude oil shed US$1.48 at US$98.86 per barrel, while West Texas Intermediate retreated US$1.58 at US$94.20/barrel.

The TSX/S&P Composite Index, however, bucked the trend, gaining 290.35 points to reach a value of 36,299.75. Meanwhile, gold lost US$17.40 per ounce at US$4,366.50.