Canadian financial close: C$ weakens slightly as BoC holds rates

Glacier FarmMedia — The Canadian dollar was slightly softer on Wednesday, as currency markets had a muted response to steady interest rate policy announcements from Canada and the United States.

• The Canadian dollar settled at US$0.7296 or US$1=C$1.3706, which compares with Tuesday’s close of US$0.7300 or US$1=C$1.3699.
• The Bank of Canada and the U.S. Federal Reserve both left their key interest rates unchanged on Wednesday but warned of higher inflation in accompanying statements.
• The European Central Bank, the Bank of England and the Bank of Japan will make policy announcements on Thursday.
• Foreign investors purchased C$46.7 billion of Canadian securities in January while Canadians acquired C$11.4 billion of foreign securities, resulting in a net inflow of C$35.3 billion into the Canadian economy, reported Statistics Canada.
• The war in the Middle East remained the focus of world energy markets, with crude oil higher on the day. West Texas Intermediate was up by 3.88 per cent at US$99.24 per barrel.
• The TSX Composite Index lost 616.42 points at 32,312.67 points.
• Gold was 3.66 per cent lower at US$4,824.90 per ounce.

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