Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – The Canadian dollar dipped on Wednesday morning, prior to an announcement from the Bank of Canada (BoC) regarding interest rates.
As of 8:34 am CDT, the Canadian dollar was at US$0.7676 or C$1.3033, compared to Tuesday’s close of US$0.7683 or C$1.3015.
Later this morning, BoC governor Tiff Macklem is widely expected by analysts to hike the central bank’s key interest rate by 75 basis points to 2.25 per cent. Such would mark the largest increase since 1998.
On the United States Dollar Index, the greenback gained 0.288 of a point at 108.200.
Benchmark crude oil prices were slightly lower on Wednesday morning prior to the release of inflation data in the U.S.
West Texas Intermediate (WTI) eased back 15 cents at US$95.69 per barrel. Brent crude oil shed 66 cents at US$98.83 per barrel. Western Canadian Select (WCS) advanced 46 cents at US$74.77 per barrel.
At the open, the TSX/S&P Composite Index lost 161.18 points at 18,517.46.
Gold was down US$11.10 at US$1,713.70 per ounce.
