By Commodity News Service Canada
WINNIPEG, March 18 The Canadian dollar was weaker against the US dollar Wednesday morning, undermined by declines seen in crude oil values, analysts said.
At 8:41 CDT Wednesday, the Canadian dollar was at US$0.7809 or US$=C$1.2806, which compares with Tuesday’s North American close of US$0.7827 or US$1=C$1.2776.
Expectations that the US Federal Reserve will hint at an interest rate raise later Wednesday added to the bearish tone. Though, traders were being cautious ahead of the announcement.
Disappointing Canadian economic data was also bearish. Statistics Canada said wholesale sales saw the largest monthly decline since January 2009 in December, falling 3.1 per cent to C$53.7 billion.
Traders were also looking ahead to Friday, when StatsCan will release retail trade and consumer price index data.
The TSX was up 35.77 points, or 0.24%, at 8:41 CDT Wednesday morning to sit at 14,898.53.
