WINNIPEG, Aug. 14 (MarketsFarm) The Canadian dollar was weaker Wednesday morning, as sharp losses in crude oil weighed on the energy-linked currency.
At 9:04 CDT Wednesday morning the Canadian dollar was at US$0.7514 or C$1.3308 which compares with Tuesday’s North American close of US$0.7555 or C$1.3236.
Crude oil was down in early trade, reacting to weak Chinese economic data and larger-than-expected inventories in the United States. The American Petroleum Institute (API) reported that U.S. crude oil stocks rose by 3.7 million barrels over the past week, hitting 443 million barrels. Pre-report expectations had been for a slight decline on the week.
The TSX was weaker Wednesday morning, down 169.07 points at 9:04 CDT to sit at 16,181.77.