Canadian Dollar Weakens Amid Crude Oil Losses and EU Association Proposal

The Canadian dollar was slightly softer on Wednesday morning due to losses in crude oil, which weighed on the energy-linked currency.

The CAD traded at US$0.7175 or US$1=C$1.3937 by 9:23 a.m. CDT, compared to Tuesday's close of US$0.7185 or US$1=C$1.3917.

European Commission President Ursula von der Leyen proposed Canada becoming the first associate member of the European Union during a state-of-the-union address in France attended by Canadian Prime Minister Mark Carney.