Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, May 24 (CNS Canada) The Canadian dollar was slightly weaker Tuesday morning, as investors were squaring positions ahead of Wednesday’s Bank of Canada interest rate announcement.

The Bank is generally expected to be keeping rates steady this time around, but the accompanying statement will be watched for signs of future moves – especially as the US Federal Reserve will likely be raising rates in June.

At 8:45 CDT Tuesday morning the Canadian dollar was at US$0.7610 or C$1.3141 which compares with Friday’s North American close of US$0.7620 or C$1.3124. Canadian markets were closed Monday for Victoria Day.

There were no significant domestic economic releases Tuesday morning.

The TSX was stronger, up 44.88 points at 8:45 CDT to sit at 13,964.46.