WINNIPEG – The Canadian dollar was down on Wednesday after crude oil prices declined, hours before the Bank of Canada (BoC) makes a key interest rate announcement.
As of 8:33 a.m. CDT, the loonie was at US$0.8047 or US$1=C$1.2427, compared to Tuesday’s close of US$0.8080 or US$1=C$1.2376.
Benchmark crude oil prices retreated after the American Petroleum Institute reported on Wednesday a 2.32 per cent rise in United States crude stockpiles. Brent crude oil tumbled US$1.55 per barrel to US$84.85. West Texas Intermediate (WTI) dropped US$1.40 to US$83.25/barrel. Western Canadian Select (WCS) fell US$2.05 to US$66.80/barrel.
The TSX/S&P Composite Index slipped 44.01 points at 21,129.44.
Gold increased US$2.80 per ounce to US$1,796.20.
