Canadian Dollar and Business Outlook: Loonie higher ahead of BoC announcement

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly higher on Wednesday ahead of an announcement from the Bank of Canada (BoC).

The loonie was at US$0.7372 or US$1=C$1.3565, up from Tuesday’s close of US$0.7364 or US$1=C$1.3579. The BoC will announce its key interest rate decision later today with many expecting the central bank to leave the rate unchanged.

The United States Dollar Index was down 0.11 of a point to 103.94.

Crude oil prices took a hit early Wednesday due to a gloomy demand outlook and skepticism over OPEC+’s planned supply cuts. Brent crude oil lost US$1.48 at US$75.72 per barrel. West Texas Intermediate (WTI) fell US$1.64 at US$70.68/barrel.

The TSX/S&P Composite Index gained 88.57 points at 20,464.50.

Gold added US$10.30 at US$2,046.60 per ounce.