Glacier FarmMedia – The Canadian dollar continued to rise on Wednesday.
The loonie was at US$0.7179 or US$1=C$1.3930 as of 8:39 a.m. CDT, compared to Tuesday’s close at US$0.7164 or US$1=C$1.3959.
The Bank of Canada announced today it will cut its key interest rate by 25 basis points at 2.25 per cent, as expected by many economists. Canada’s annual inflation rate increased to 2.4 per cent last month.
The United States Dollar Index was up 0.18 of a point at 98.85.
Crude oil prices were slightly higher due to Gaza strikes on Israel and speculation regarding a meeting between U.S. President Donald Trump and Chinese President Xi Jinping on Thursday.
Brent crude oil was up US$0.14 per barrel at US$64.54/barrel. West Texas Intermediate added US$0.17 at US$60.32/barrel.
The TSX/S&P Composite Index shed 29.65 points at 30,390.03. Gold rose US$42.40 per ounce at US$4,025.50.
