Forex
Canadian Dollar Weakens Amid Crude Oil Price Drop
The Canadian dollar was slightly weaker on Wednesday morning due to losses in crude oil. The energy-linked currency took a hit as West Texas Intermediate (WTI) prices dropped by 1.8% to $103.92 per barrel.
This decline weighed on the loonie, which traded at US$0.7175 or US$1=C$1.3937 at 9:23 CDT. This is slightly lower than Tuesday's close of US$0.7185 or US$1=C$1.3917.
The European Commission President, Ursula von der Leyen, proposed an interesting development for Canada during a state of the union address in France attended by Canadian Prime Minister Mark Carney. She suggested that Canada become the first associate member of the European Union.