Canadian Dollar Holds Steady Amid Crude Oil Price Declines

The Canadian dollar remained stable on Wednesday, hovering around its highest close in two months. The loonie finished at US$0.7179 or US$1=C$1.3930, nearly unchanged from Tuesday's closing rate of US$0.7180 or US$1=US$1.3927.

The United States Dollar Index also remained steady, adding 0.17 of a point to reach 100.00.

Crude oil prices took a slight hit after the U.S. Energy Information Administration reported a weekly gain of 17.4 million barrels, the largest increase in three years, largely due to a sharp drop in U.S. exports. West Texas Intermediate dipped US$0.30 per barrel at US$82.90, while Brent crude oil fell by US$0.26/barrel at US$88.65.

The TSX/S&P Composite Index continued its upward trend, reaching an all-time high before settling at 36,662.14 points, up 186.22 points from Tuesday's close of 36,476.92.