WINNIPEG – The Canadian dollar opened the month of June on the rise hours before the Bank of Canada (BoC) announces its latest key lending rate decision.
As of 8:40 a.m. CDT, the loonie was at US$0.7921 or US$1=C$1.2625, compared to US$0.7906 or US$1=C$1.2648 on Tuesday. Canada’s central bank is expected to announce on Wednesday it will raise its key lending rate by 0.5 of a point to 1.5 per cent in an effort to counter inflation.
The U.S. Dollar Index gained 0.17 of a point to 101.92.
Crude oil prices jumped on Wednesday after China lifted the COVID-19 lockdown in Shanghai and the European Union announced the ban of most Russian oil imports. Brent crude oil jumped US$2.37 per barrel to US$117.97. West Texas Intermediate (WTI) climbed US$3.00 at US$117.67/barrel. Western Canadian Select (WCS) gained US$1.90 to US$98.67/barrel.
The TSX/S&P Composite Index added 102.43 points to 20,831.77.
Gold advanced US$0.70 per ounce to US$1,849.10.
