Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 13 (MarketsFarm) – The Canadian dollar took a step back on Wednesday morning ahead of the Bank of Canada’s announcement on its key interest rate.
As of 9:04 am CDT, the Canadian dollar was at US$0.7904 or C$1.2652, compared to Tuesday’s close of US$0.7926 or C$1.2617.
Governor Tiff Macklem is widely expected by analysts to boost the Bank of Canada’s key interest rate by 50 basis points today. That would bring the central bank’s rate to one per cent.
On the U.S. Dollar Index, the greenback remained above 100 points with an increase of 0.108 at 100.400.
Benchmark crude oil prices were higher on Wednesday morning, despite China reimposing COVID-19 lockdown measures.
West Texas Intermediate (WTI) advanced US$1.34 at US$101.94 per barrel. Brent crude oil was up US$1.74 at US$106.38 per barrel. Meanwhile, Western Canadian Select (WCS) gained US$1.17 at US$89.18 per barrel.
The TSX/S&P Composite Index rose 100.49 points this morning at 21,815.90.
Gold was up US$2.40 at US$1,978.50 per ounce.
