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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Jan. 23 (MarketsFarm) The Canadian dollar was weaker Thursday morning, dipping below psychological support as the currency saw a continuation of Wednesday’s declines.
At 8:53 CST Wednesday morning the Canadian dollar was at US$0.7597 or C$1.3163 which compares with Wednesday’s North American close of US$0.7624 or C$1.3116.
The Bank of Canada’s decision to keep interest rates unchanged on Wednesday was widely anticipated, but the accompanying statement was seen as opening the door to future rate cuts – which weighed on the currency.
Crude oil was weaker in early activity, contributing to the softer tone in the energy-linked Canadian dollar.
The TSX was down by 53.63 points at 8:53 CST to sit at 17,546.23. Global investors are expressing mounting concern over the coronavirus and its possible impact on the world economy.

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Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

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