Canadian Financial Close: C$ softer following BoC rate cut

Glacier FarmMedia | MarketsFarm — The Canadian dollar was softer on Wednesday, as the Bank of Canada cut its key overnight rate by 50 basis points.

In its accompanying statement the BoC said subsequent rate cuts were expected, but the timing and pace of those reductions “will be guided by incoming information and our assessment of its implications for the inflation outlook.”

The Canadian dollar settled at US$0.7224 or US$1=C$1.3843 on Wednesday, which compares with Tuesday’s close of US$0.7233 or US$1=C$1.3825.

Crude oil was weaker, with West Texas crude oil down by 0.99 per cent at US$71.03 per barrel.

The TSX Composite Index was fell by 143.08 points to close at 24,573.62 points.