Glacier FarmMedia — The Canadian dollar was weaker relative to its United States counterpart on Wednesday, with a slowdown in the manufacturing sector underscoring expectations for another interest rate cut from the Bank of Canada
The Canadian dollar settled at US$0.7174 or US$1=C$1.3940, which compares with Monday’s close of US$0.7183 or US$1=C$1.3921. There was no official close on Tuesday due to the National Day of Truth and Reconciliation.
The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) fell to 47.7 in September from 48.3 in August. That marked the eighth straight month under 50, which indicates contraction in the sector.
Crude oil was softer, with West Texas crude oil down by 0.90 per cent at US$61.81 per barrel.
The TSX Composite Index climbed to a new record high, rising 84.86 points at 30,107.67 points.
