TORONTO: The Canadian dollar was little changed against its US counterpart on Tuesday, recovering from its weakest level in nearly one week, as investors weighed further pull-back in oil prices and domestic data showed an increase in housing starts.
The loonie was nearly unchanged at 1.2818 to the greenback, or 78.02 US cents, after touching its weakest since March 9 at 1.2871.
The recovery from a six-day low for the loonie came as the US dollar lost ground against a basket of major currencies and Wall Street rose, with investors bracing for a Federal Reserve interest rate decision on Wednesday.
The price of oil, one of Canada’s major exports, tumbled to its lowest levels in almost three weeks as supply disruption fears eased and surging COVID-19 cases in China spurred demand concerns.
US crude prices were down nearly 7% at $95.82 a barrel. Earlier this month, oil touched its highest since 2008 at $130.50 as Russia invaded Ukraine.
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