By MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – The Canadian dollar was weaker Friday morning, as expectations for continued rate hikes in the United States gave the U.S. dollar a boost internationally.
At 9:00 a.m. CST Friday morning the Canadian dollar was at US$0.7327 or US$1=C$1.3648, which compares with Thursday’s close of US$0.7381 or US$1=C$1.3549.
Consumer spending in the United States was up by 1.8 per cent in January, which topped pre-report expectations and raised expectations for continued interest rate hikes from the Federal Reserve.
Crude oil was sharply weaker in early activity, contributing to the softer tone in the energy-linked Canadian dollar. West Texas Intermediate was down by 1.51 per cent at US$74.25 per barrel.
The TSX was down by 153.53 points at 9:00 CST, trading at 20,034.66 points.
