Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 27 (MarketsFarm) – The Canadian dollar was relatively steady on Wednesday morning, due to little movement in the United States dollar and in global crude oil prices.
As of 8:36 am CDT, the Canadian dollar was at US$0.7768 or C$1.2870, compared to Tuesday’s close of US$0.7762 or C$1.2883.
On the United States Dollar Index, the greenback shed 0.139 of a point at 106.910.
The U.S. Federal Reserve is set to announce its latest interest rate move at 1 pm CDT. It’s widely assumed the Fed will boost its key rate by 75 basis point, however some believe it could jump by a full point.
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Benchmark crude oil prices were slightly higher on Wednesday morning after the American Petroleum Institute estimated U.S. crude stockpiles were down 4.04 million barrels last week. The U.S. Energy Information Administration (EIA) is scheduled to release its report later today.
West Texas Intermediate (WTI) gained 78 cents at US$95.76 per barrel. Brent crude oil rose 63 cents at US$105.03 per barrel. Western Canadian Select (WCS) was up 36 cents at US$74.92 per barrel.
At the open, the TSX/S&P Composite Index bumped up 84.23 points at 19,056.91.
Gold was down US$2.50 at US$1,733.20 per ounce.
