MID-DAY: Loonie dips on poor economic outlook; crude pulls down on US stockpile
The Loonie is feeling the pressure as the Bank of Canada gives a dubious forecast on the future of interest rate hikes. Governor Stephen Poloz says the economic slump in Canada is likely to last longer than expected and cut much deeper. Following this report, the Loonie has dipped to 74.47 cents US.
On Bay Street, the TSX is currently up 37 points to 16,123.
Across the border the Dow is dipping 18 points to 25,787.
The price of crude is dipping as US producers stockpile oil once again. US crude is down to 55.63 a barrel.