Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Sept. 21 (MarketsFarm) – The Canadian dollar slipped further downward on Wednesday morning as the United States dollar gained more strength.
As of 8:35 am CDT, the Canadian dollar was at US$0.7466 or C$1.3390, compared to Tuesday’s close of US$0.7493 or C$1.3345.
On the U.S. Dollar Index, the greenback tacked on 0.483 of a point at 110.425. The increase comes prior today’s interest rate announcement by the U.S. Federal Reserve. Analysts widely believe the Fed will up rates by 75 basis points, but a hike of 100 points hasn’t been ruled out completely.
Benchmark crude oil prices were on the rise Wednesday morning, after Russian President Vladimir Putin ordered a partial mobilization of military reservists. However, the higher U.S. dollar tempered further increases.
Brent crude oil advanced US$2.02 at US$92.64 per barrel. West Texas Intermediate (WTI) gained US$1.90 at US$85.84/barrel. Western Canadian Select (WCS) added 63 cents at US$63.33/barrel.
Shortly after the opening, the TSX/S&P Composite Index was up 55.07 points at 19,423.76.
Gold gained US$11.20 at US$1,682.30 per ounce.
