WINNIPEG – The Canadian dollar increased on Wednesday just before the Bank of Canada (BoC) announces later today if it will raise key interest rates.
As of 8:45 a.m. CDT, the loonie was at US$0.8288 or US$1=C$1.2066 on Wednesday, compared to US$0.8267 or US$1=C$1.2097 when markets closed on Tuesday. Many analysts believe BoC will keep its key interest rates at 0.25 per cent.
Strong fuel demand helped raise crude oil prices on Wednesday. Brent crude rose US$0.46 per barrel to US$72.68. West Texas Intermediate (WTI) gained US$0.20 to US$70.35/barrel. Western Canadian Select (WCS) only moved up five cents to US$56.45/barrel.
The TSX/S&P Composite Index fell back below the 20,000-point mark, dropping 75.06 points to 19,990.86.
Gold advanced US$2.50 per ounce to US$1,896.90.
