Canadian Dollar And Business Outlook
By Commodity News Service Canada
WINNIPEG, May 28 – The Canadian dollar was weaker Tuesday morning, as investors position themselves ahead of Wednesday’s interest rate decision from the Bank of Canada.
At 9:33 CDT Tuesday morning the Canadian dollar was at US$0.9646 or C$1.0369 which compares with Monday’s North American close of US$0.9674, or C$1.0337.
The Bank is generally expected to keep rates unchanged on Wednesday, but the market will be following the accompanying statement closely for signs of future moves. Wednesday will also see Governor Mark Carney make his final speech as head of the Bank of Canada before leaving to head up England’s central bank in July.
Crude oil and equities were firmer Tuesday morning, providing some underlying support for the Canadian dollar.
The TSX was stronger Tuesday morning, up 72.83 points at 9:33 CDT to sit at 12,769.20.