By Commodity News Service Canada
Winnipeg, March 11 – The Canadian dollar was lower against its American counterpart Wednesday morning, due to a lack of domestic data amid relatively weak oil prices.
At 8:50 CDT Wednesday morning, the loonie was down 0.0011 of a cent to US$0.7870 or US$1 = C$1.2706. The loonie fell half a cent on Tuesday as speculation grows the US Federal Reserve will hike the interest rate sooner than later. Analysts also note the US dollar is strong against many currencies in the world, not just Canada’s.
The European Central Bank started buying sovereign bonds as part of its new quantitative easing program.
There’s word Russia’s crude oil exports are set to rise this year despite expectations that production would plunge as a result of the market.
On the commodity markets the April crude contract in New York rose US$0.10 to US$48.39 a barrel. May copper rose two cents to US$2.65 a pound while the April gold contract fell $3.80 to US$1,158.20 an ounce.
At 8:50 CDT Wednesday morning, the TSX was up 15.88 points to 14,657.64.
