Glacier FarmMedia — The Canadian dollar was slightly softer relative to its United States counterpart Thursday morning, with expectations for a rate cut from the Bank of Canada next week weighing on the currency. Losses in crude oil added to the softer tone.
At 8:41 a.m. CDT the Canadian dollar was trading at US$0.7212 or US$1=C$1.3866 which compares with Wednesday’s close of US$0.7218 or US$1=C$1.3854.
Crude oil was pressured by softening U.S. demand and expectations for increased output from OPEC+ in October. West Texas Intermediate was down 1.92 per cent at US$62.45 per barrel.
The TSX was up 61.87 points at 8:41 CDT to trade at 29,241.26.
