Loonie, TSX gain strength as oil prices improve

TORONTO - The Canadian dollar and Toronto Stock Exchange showed improvements Wednesday morning as oil prices improved.

The S&P/TSX composite index had been down shortly after the open but were up 14.6 points at 12,345.92, after 90 minutes of trading.

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American stock indexes remained in the red, about three hours before the U.S. Federal Reserve's release of its latest interest rate decision at 2 p.m. ET.

The Dow Jones Industrials average was down 118.27 points at 16,048.96, the broader S&P 500 index declined 9,.74 points to 1,897.63 and the Nasdaq 100 shed 57.44 points to 4,176.41.

The loonie was down 0.09 of a cent at 70.94 cents US, after closing Tuesday above 71 cents US for the first time since Jan. 6.

Canada's dollar has been trading near or just above 13-year lows for weeks as a result of a number of factors, including the increased spread in American and Canadian interest rates, the falling value of major commodities and slow economic growth.



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