Loonie's Losing Streak Reaches Eight

The Canadian dollar lost ground on Tuesday, marking its eighth consecutive decline. The loonie finished at US$0.7048, a tenth of a cent lower than Monday's close. This comes as the United States dollar continues to rise, with the U.S. Dollar Index pushing above 101 points for the first time.

Benchmark crude oil prices also fell on Tuesday, with West Texas Intermediate dropping US$3.49 at US$89.11 per barrel and Brent crude losing US$2.78 at US$102.50. The decline in oil prices is partly attributed to increased vessel traffic through the Strait of Hormuz.

The TSX Composite Index eased back 29.59 points on Tuesday, closing at 35,460.27. In the United States, the Dow Jones gave up 131.59 points at 51,349.92, while the NASDAQ dipped 22.84 points at 26,797.54 and the S&P 500 shed 12.85 points at 7,670.84.

Gold prices added US$38.80 at US$4,207.20 per ounce on Tuesday. Despite Wednesday being a national holiday in Canada, financial markets will remain open.