Canadian Financial Close: C$ weakens

Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker Wednesday, as losses in crude oil contributed to the softer tone in the energy-linked currency.

The Canadian dollar settled at US$0.7209 or US$1=C$1.3871, which compares with Tuesday’s close of US$0.7232 or US$1=C$1.3827.

Broad strength in the U.S. dollar internationally accounted for much of the relative weakness in the loonie, as U.S. President Donald Trump backed off his threats to fire Federal Reserve Chair Jerome Powell and opened the door to trade talks with China.

Crude oil was pressured by talk of increased production by OPEC+, with West Texas crude oil down by 2.07 per cent at US$62.35 per barrel.

The TSX Composite Index lost 166.70 points to close at 24,472.68 points.