Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, April 13 (CNS Canada) The Canadian dollar was weaker Wednesday morning, with positioning ahead of the Bank of Canada’s latest interest rate announcement later in the day a feature.

At 8:48 CDT Wednesday morning the Canadian dollar was at US$0.7806 or C$1.2811 which compares with Tuesday’s North American close of US$0.7838 or C$1.2759.

After hitting a nine-month high relative to its US counterpart on Tuesday the loonie was due for a correction, according to analysts.

A downturn in crude oil added to the weaker tone in the energy-linked currency.

The Bank of Canada is set to make its latest monetary policy announcement later in the day. While market participants are not anticipating any changes to interest rates, the working of the statement will be read closely for signs of future moves.

The TSX was stronger, up 73.37 points at 8:48 CDT to sit at 13,654.79.