By MarketsFarm
WINNIPEG, Sep. 7 (MarketsFarm) – The Canadian dollar was weaker Wednesday morning as losses in crude oil weighed on the currency ahead of a Bank of Canada interest rate announcement.
At 8:37 a.m. CDT Wednesday morning the Canadian dollar was at US$0.7570 or US$1=C$1.3210, which compares with Tuesday’s close of US$0.7611 or US$1=C$1.3139.
It is generally anticipated that Canada’s central bank will raise its key overnight rate by 75 basis points, which would take it to 3.25 per cent. However, there are some analysts still expecting a more aggressive 100-point increase.
Crude oil was pressured lower by mounting global recessionary fears, although concerns that Russia may halt oil and gas exports did provide some support. West Texas Intermediate was down by 3.55 per cent at US$83.80 per barrel.
The TSX was down by 100.81 points at 8:37 CDT, trading at 18,987.34 points.
