By Glen Hallick
Glacier FarmMedia – The Canadian dollar continued higher on Wednesday morning, following the Bank of Canada’s latest announcement on its key overnight rate.
The BoC froze that interest rate at 2.25 per cent, noting that little has changed economically for Canada, however the central bank noted unstable United States trade policies and geopolitical risks could change that forecast.
As of 8:453 am CST, the loonie was at US$0.7386 or US$1=C$1.3545, compared to Tuesday’s close of US$0.7342 or US$1=C$1.3620.
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On the U.S. Dollar Index, the greenback shed 0.031 of a point at 96.010. The U.S. Federal Reserve is scheduled to make its rate announcement today at 1 p.m. CST.
Benchmark crude oil prices were higher on Wednesday morning, due to ongoing power outages in the U.S., yesterday’s steep declines in the U.S. dollar and global geopolitics tensions that could threaten supplies.
West Texas Intermediate gained 77 cents at US$63.26 per barrel and Brent crude rose 63 cents at US$68.20.
In morning activity, the TSX/S&P Composite Index was up 90.48 points at 33,186.88.
Gold continued to climb to new all-time highs on Wednesday, jumping US$196.00 at US$5,278.60 per ounce.
