Compiled by Glen Hallick, MarketsFarm
WINNIPEG, June 15 (MarketsFarm) – The Canadian dollar continued ease back further on Wednesday morning, on the pretext that the Bank of Canada (BoC) will follow the United States Federal Reserve in boosting its key interest rate by 75 basis points to 2.25 per cent. The latter is scheduled to make its announcement today.
As of 8:36 am CDT, the Canadian dollar was at US$0.7719 or C$1.2956, compared to Tuesday’s close of US$0.7728 or C$1.2940.
On the U.S. Dollar Index, the greenback slipped 0.152 of a point at 105.185.
Benchmark crude oil prices were slightly lower on Wednesday morning due to strong expectations the Fed will hike its interest rate. However, the International Energy Agency (IEA) warned that supplies are projected to remain tight through 2023.
West Texas Intermediate (WTI) dipped 75 cents at US$118.18 per barrel. Brent crude oil shed 45 cents at US$120.72 per barrel. Western Canadian Select (WCS) nudged lower by seven cents US$99.80 per barrel.
At the open, the TSX/S&P Composite Index gained 116.88 points at 19,665.39.
Gold climbed US$17.20 at US$1,830.70 per ounce.
