Glacier FarmMedia – The Canadian dollar took a step back on Thursday, one day after the Bank of Canada and the United States Federal Reserve cut their key interest rates.
The loonie was at US$0.7246 or US$1=C$1.3800 as of 8:29 a.m. CDT, compared to Wednesday’s close at US$0.7267 or US$1=C$1.3760. The BoC announced yesterday it reduced its key interest rate by 25 basis points at 2.5 per cent. The Fed also lowered its key interest rate by the same amount.
The U.S. Dollar Index was up 0.14 of a point at 97.02.
Crude oil prices increased this morning as Russian shipments to Baltic countries were slowed by Ukrainian attacks on energy infrastructure earlier this week.
Brent crude oil was up US$0.13 per barrel at US$68.06/barrel. West Texas Intermediate added US$0.07 at US$64.12/barrel.
The TSX/S&P Composite Index gained 8.08 points at 29,329.74.
Gold lost US$29.30 per ounce at $3,688.50.
