WINNIPEG – The Canadian dollar continued to drop on Wednesday morning ahead of a key interest rate decision by the Bank of Canada later today.
As of 8:35 a.m. CDT, the loonie was at US$0.7887 or US$1=C$1.2679, compared to US$0.7923 or US$1=C$1.2621 when markets closed on Tuesday. Many analysts expect the Bank of Canada to retain its key interest rate of 0.25 per cent.
Crude oil rebounded on Wednesday, with inventories still affected by Hurricane Ida. Brent crude oil jumped US$1.24 per barrel to US$72.93. West Texas Intermediate (WTI) gained US$1.29 to US$69.64/barrel. Meanwhile, Western Canadian Select (WCS) surged US$1.12 to US$57.31/barrel.
The TSX/S&P Composite Index advanced 7.51 points at 20,814.14 on Wednesday morning.
Gold increased US$0.90 per ounce to US$1,799.40.
