Canadian Dollar Hits Six-Week Low Amid Fed Interest Rate Hike
The Canadian dollar has reached its lowest level in six weeks against the US dollar as investors continue to consider the impact of the recent interest rate hike by the U.S. Federal Reserve.
According to recent data, the Canadian dollar settled at US$0.7149 or US$1=C$1.3988 on Thursday, compared to its close of US$0.7170 or US$1=C$1.3947 on Wednesday.
In a related development, Canadian Prime Minister Mark Carney addressed the European Parliament on Thursday, emphasizing Canada's proposals for increased partnership with Europe. He noted that any deepening of ties would be subject to debate and a final vote in the Canadian Parliament.
Canada's Industrial Product Price Index rose 1.3 per cent in August compared to the previous month, marking a 13.5 per cent annual increase, according to Statistics Canada. The Raw Materials Price Index also climbed by 3.1 per cent on the month and 22.8 per cent annually.
The price of crude oil fell, with West Texas Intermediate down 1.2 per cent at US$101.25 per barrel. Meanwhile, the TSX Composite Index gained 382.99 points to reach 35,874.26 points.