By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar fell back further on Wednesday, as the Bank of Canada and the United States Federal Reserve made their respective interest rate announcements.
The BoC continued to freeze its key rates at 2.75 per cent, suggesting that cuts could resume in the coming months. The Fed also left its rate unchanged despite calls from President Donald Trump for a cut.
The loonie finished at US$0.7241 or US$1=C$1.3811, compared to Tuesday’s close of US$0.7262 or US$1=C$1.3771. The U.S. Dollar Index jumped 0.933 of a point at 99.580.
Trade talks between the Canada and the U.S. continued toward their Aug. 1 deadline.
Benchmark crude oil prices remained on their upward path Wednesday as possible U.S. trade sanctions threaten Russian oil on the global market.
West Texas Intermediate gained US$1.16 at US$70.37 and Brent crude rose US$1.12 at US$73.63 per barrel.
The TSX Composite Index lost 169.92 points on Wednesday to close at 27,369.96.
Gold dropped US$54.20 at US$3,327.00 per ounce.
