Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker on Thursday, hitting a fresh four-and-a-half-year low relative to its United States counterpart.The Canadian dollar settled at US$0.7048 or US$1=C$1.4188 on Thursday, which compares with Wednesday’s close of US$0.7065 or US$1=C$1.4154.
Stronger than expected inflation data out of the U.S. heightened expectations for widening interest rates between the U.S. and Canada, as the U.S. may lower rates at a slower pace than the Bank of Canada.
Canada’s central bank cut its key overnight interest rate by 50 basis points on Wednesday, taking it to 3.25 per cent. The move was widely anticipated, although the accompanying statement pointing to more gradual cuts going forward.
West Texas crude oil was down 0.34 per cent at US$70.05 per barrel.
The TSX Composite Index lost 246.99 points to close at 25,410.71 points.
Canadian Financial Close: C$ at fresh multi-year low
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