By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was lower on Wednesday morning after the Bank of Canada made its latest interest rate announcement.
As of 8:54 am CST, the loonie was at US$0.6928 or US$1=C$1.4439 compared to Tuesday’s close of US$0.6947 or US$1=C$1.4394. On the United States Dollar Index, the greenback added 0.307 of a point at 107.990.
The BoC cut its key rates by 25 basis points at three per cent, but noted Canadian economy will be tested if significant tariffs are imposed by the U.S. Also, the U.S. Federal Reserve will reveal its interest move at 1 p.m. CST. Analysts are expecting the Fed to stand pat.
Benchmark crude oil prices pulled back on Wednesday morning due to growi5g U.S. stockpiles. Brent crude oil gave up 54 cents at US$76.98 per barrel and West Texas Intermediate lost 56 cents at US$73.21.
At 8:54 a.m. Wednesday, the TSX/S&P Composite Index climbed 87.33 points at 24,506.78.
Gold was up US$6.30 at US$2,773.70 per ounce.
