WINNIPEG – The Canadian dollar continued to rally on Wednesday, hours before an announcement from the Bank of Canada (BoC).
As of 8:32 a.m. CDT, the loonie was at US$0.7371 or US$1=C$1.3567, compared to US$0.7332 or US$1=C$1.3638 on Tuesday. Later today, the Bank of Canada will announce the next increase of its key interest rate, with many economists believing it to be 75 basis points.
The United States Dollar Index dropped 0.56 of a point at 110.39.
Crude oil was higher on Wednesday. Brent crude oil gained US$0.43 per barrel to US$93.95. West Texas Intermediate (WTI) rose US$0.66 at US$85.98/barrel. Western Canadian Select (WCS) climbed US$1.31 to US$59.33/barrel.
The TSX/S&P Composite Index was up 59.02 points to 19,156.03.
Gold increased US$8.30 per ounce to US$1,666.30.
