Canada Dollar Takes a Hit on Crude Oil and EU Invitation

The Canadian dollar experienced slight losses on Wednesday morning due to crude oil prices dropping. At 9:23 a.m. CDT, the currency traded at US$0.7175 or US$1=C$1.3937, compared to Tuesday's close of US$0.7185 or US$1=C$1.3917.

Eurozone developments also made headlines as European Commission President Ursula von der Leyen invited Canada to become the first associate member of the European Union. This proposal was made during a state of the union address in France, where Canadian Prime Minister Mark Carney was in attendance.

The upcoming interest rate decision from the United States Federal Reserve is also on everyone's mind, with expectations for a rate hike from the central bank later in the day.