Glacier FarmMedia – The Canadian dollar declined on Wednesday morning ahead of announcements from the Bank of Canada and the United States Federal Reserve.
The loonie was at US$0.7268 or US$1=C$1.3759 as of 8:57 a.m. CDT, compared to Tuesday’s close at US$0.7274 or US$1=C$1.3748. The Bank of Canada announced this morning it cut its key interest rate by 25 basis points at 2.5 per cent.
The United States Dollar Index was up 0.10 of a point at 98.73. Analysts expect the Fed to make a quarter-point interest rate cut on Wednesday.
Crude oil prices were down as observers assess the Fed’s interest rate decision and recent Ukrainian attacks on Russian energy infrastructure.
Brent crude oil declined US$0.22 per barrel at US$68.25/barrel. West Texas Intermediate was down US$0.23 at US$64.29/barrel.
The TSX/S&P Composite Index gained 85.84 points at 29,401.07.
Gold lost US$10.80 per ounce at $3,714.30.
