By MarketsFarm
WINNIPEG, Oct. 6 (MarketsFarm) – The Canadian dollar was slightly softer Wednesday morning, seeing a modest profit-taking correction after hitting its highest levels relative to its United States counterpart in four weeks on Tuesday. Weakness in crude oil put some pressure on the energy-linked currency as well.
At 8:50 a.m. CDT Wednesday morning, the Canadian dollar was at US$0.7931 or US$1=C$1.2609 which compares with Tuesday’s North American close of US$0.7952 or US$1=C$1.2575.
Crude oil had climbed to fresh multi-year highs in overnight trade, but ran into resistance and turned lower amid ideas that the rally was starting to look overdone. Reports of rising crude oil inventories in the U.S. contributed to the downturn.
West Texas Intermediate was down 1.3 per cent at US$79.31 per barrel.
The TSX was weaker, down 76.16 points at 8:50 CDT, trading at 20,107.27 points.
