Canadian Financial Close: C$ steady near lows

Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker on Tuesday, trading near its weakest levels in four-and-a-half years relative to its United States counterpart ahead of Wednesday’s Bank of Canada interest rate announcement.

The Canadian dollar settled at US$0.7059 or US$1=C$1.4167 on Tuesday, which compares with Monday’s close of US$0.7077 or US$1=C$1.4130.

Average market expectations ahead of Wednesday’s BoC announcement call for a 50-basis point cut to Canada’s key overnight interest rates. The United States Federal Reserve announces its own monetary policy announcement next week.

West Texas crude oil was up 0.15 per cent at US$68.47 per barrel.

The TSX Composite Index was down by 121.09 points to close at 25,504.33 points.