WINNIPEG – The Canadian dollar advanced on Wednesday morning ahead of an announcement from the Bank of Canada (BoC).
The loonie was at US$0.7427 or US$1=C$1.3464, up from US$0.7417 or US$1=C$1.3483 on Tuesday. The BoC is expected to announce at 9 a.m. CDT on Wednesday it will hold its key interest rate steady at 4.5 per cent.
Meanwhile, the United States Dollar Index lost 0.62 of a point at 101.59.
Crude oil was up due to production cuts in Russia and a large draw in U.S. stockpiles. Brent crude oil gained US$0.58 to US$86.19 per barrel. West Texas Intermediate (WTI) added US$0.57 at US$82.10/barrel.
The TSX/S&P Composite Index rose 168.40 points to 20,590.25.
Gold jumped US$15.60 per ounce to US$2,034.60.
