Canadian Dollar And Business Outlook
By Commodity News Service Canada
Winnipeg, February 18 – The Canadian dollar was lower against its American counterpart Wednesday morning, due to declining oil prices.
At 8:50 CST Wednesday morning, the loonie was down 0.0031 of a cent to US$0.8038 or US$1 = C$1.2440. Analysts say reports of a recent rally were exaggerated given record-high US crude stocks. Last week they were believed to have risen by just over 3 million barrels, according to a report.
Financial experts have started to pour over the minutes of last month’s US Federal Reserve meeting. They will be looking for indications of when a rate cut might happen.
US building permits fell 0.7 percent from December to January.
On the commodity markets the March crude contract in New York dipped US$0.97 to US$52.26 a barrel. March copper increased one cent to US$2.59 a pound while the April gold contract fell $2.00 to US$1,206.60 an ounce.
At 8:50 CST Wednesday morning, the TSX was down 51.99 points to 15,232.62.
