By MarketsFarm
WINNIPEG, Sept. 6 (MarketsFarm) – The Canadian dollar slid back on Wednesday morning, ahead of today’s Bank of Canada announcement on interest rates.
As of 8:36 am CDT, the loonie was at US$0.7332 or C$1.3640, compared to Tuesday’s close of US$0.7338 or US$1=C$1.3627. On the U.S. Dollar Index, the greenback dipped 0.053 of a point at 104.710.
The consensus among analysts is the BoC will freeze its key rate at five per cent as the Canadian economy appears to be slowing. The central bank is scheduled to make its announcement at 9 am CDT.
Benchmark crude oil prices slipped on Wednesday morning, as the market appeared to be oversold after Saudi Arabia and Russia extended their production cuts to the end of 2023.
Brent crude oil gave up 21 cents at US$89.83 per barrel, West Texas Intermediate lost nine cents at US$86.60, and Western Canadian Select shed six cents at US$68.77.
Shortly after Wednesday’s open the TSX/S&P Composite Index eased back 97.12 points at 20,316.64.
Gold was down US$6.20 at US$1,946.40 per ounce.
