Canadian Dollar and Business Outlook: BoC leaves rate as is

Glacier FarmMedia – The Canadian dollar dipped a little on Wednesday after the Bank of Canada’s latest interest rate announcement.

     The loonie was at US$0.7217 or US$1=C$1.3856 as of 8:53 a.m. CST, compared to Tuesday’s close at US$0.7223 or US$1=C$1.3844. The BoC announced this morning it’s leaving its key interest rates unchanged at 2.25 per cent.

     The United States Dollar Index was down 0.08 of a point at 99.14. The Federal Reserve will also make its last rate call of the year at 1 p.m. CST today.

     Crude oil prices were down as the trade focuses on the Fed’s announcement despite a draw from U.S. stockpiles. West Texas Intermediate declined US$0.43 at US$57.82 per barrel. Brent crude oil dropped US$0.45 at US$61.51/barrel.

     The TSX/S&P Composite Index was up 11.81 points at 31,256.18.

     Gold retreated US$8.00 per ounce at US$4,228.20.