Canadian Dollar Strengthens Amid Crude Oil Price Correction

The Canadian dollar strengthened slightly on Tuesday morning, reaching a value of US$0.7176 or C$1=US$1.3935 by 8:35 a.m. CDT.

This movement comes in comparison to Monday's closing exchange rate of US$0.7173 or C$1=US$1.3942.

The United States Dollar Index also saw a minor increase, rising to 99.86 points after gaining 0.05 points.

Crude oil prices experienced a correction following the release of OPEC+ data showing an average daily production rise in July by 1.17 million barrels per day to 19.85 million BPD.

Brent crude oil decreased by US$0.47, trading at US$87.25 per barrel, while West Texas Intermediate dropped by US$0.37, settling at US$81.76/barrel.