CAD Rallies Despite Crude Oil Price Slump in Canada
The Canadian dollar ended the day stronger against its US counterpart on Tuesday, despite crude oil prices taking a hit. The CAD settled at an exchange rate of US$0.7091 or US$1=C$1.4102, up from Monday's close of US$0.7085 or US$1=C$1.4114.
The Canadian dollar's resilience is a contrast to the decline in crude oil prices, which fell 4.2% to US$79.18 per barrel due to ongoing optimism over a de-escalation of the conflict in the Middle East.
Investors are now looking ahead to the Federal Reserve's interest rate announcement on Wednesday, with analysts predicting no change in rates but closely watching accompanying statements for hints at future moves.
The TSX Composite Index also rose by 181.56 points to 35,749.70 points, a positive sign for Canada's stock market.