By Commodity News Service Canada
WINNIPEG, June 16 (CNS Canada) The Canadian dollar weakened against its US counterpart Thursday morning, weighed down by lower oil prices.
Oil prices hit their lowest in more than three weeks on Thursday after six straight days of losses.
The drops come a week before Britain votes on whether to leave the European Union (Brexit). Oil and other markets remain in thrall to opinion polls, which are increasingly showing majority support for a Brexit.
The loonie did see some underlying support from yesterday’s US Federal Reserve interest rate announcement.
The Federal Reserve left interest rates alone given the recent rush of weak economic data, but they did signal continuing plans to hike rates this year as it expects the US jobs market to strengthen.
At 9:03 CDT Thursday, the Canadian dollar was at US$0.7659 or US$=C$1.3057, which compares with Wednesday’s North American close of US$0.7736 or US$1=C$1.2926.
The TSX was down 90.36 points, or 0.65 per cent, at 9:03 CDT Thursday morning to sit at 13833.09.
