By Commodity News Service Canada
WINNIPEG, Jan. 19 (CNS Canada) The Canadian dollar was weaker Thursday morning, seeing some follow-through selling after Wednesday’s sharp declines.
At 9:14 CST Thursday morning the Canadian dollar was at US$0.7522 or C$1.3294 which compares with Wednesday’s North American close of US$0.7542 or C$1.3259.
The Bank of Canada left its key overnight interest rate unchanged at 0.5 per cent on Wednesday, as expected, but left the door open for rate cuts in the future.
Expectations that renegotiating NAFTA will be an early priority for Donald Trump’s administration, following comments from his Commerce Secretary pick, Wilber Ross, contributed to the continued weakness in the Canadian currency.
However, crude oil was slightly higher on Thursday, providing some underlying support for the energy-linked Canadian dollar.
Better-than-expected Canadian manufacturing data also helped underpin the currency.
The TSX was up 12.13 points at 9:14 CST to sit at 15,409.98.
