Canadian Dollar Steady as Crude Oil Prices Slip on Surging U.S. Reserves

The Canadian dollar experienced little change on Wednesday, hovering around its highest close in two months.

The loonie remained steady at US$0.7179 or US$1=C$1.3930 compared to Tuesday's closing price of US$0.7180 or US$1=US$1.3927.

Crude oil prices declined due to a weekly gain of 17.4 million barrels in U.S. oil reserves, the largest increase in three years.

This surge was mainly attributed to a sharp drop in U.S. exports, causing West Texas Intermediate to dip US$0.30 per barrel at US$82.90 and Brent crude oil to fall US$0.26/barrel at US$88.65.