Canadian Dollar and Business Outlook: Loonie slips ahead of rate announcements
BoC, Fed expected to freeze key rates
By Glen Hallick
Glacier FarmMedia | MarketsFarm – The Canadian dollar stepped back on Monday morning ahead of two interest rate announcements on Wednesday.
As of 8:34 am CDT, the loonie was at US$0.7286 or US$1=C$1.3724 compared to Friday’s close of US$0.7297 or US$1=C$1.3704.
Analysts forecast the Bank of Canada and the United States Federal Reserve to maintain their current key rates.
On the U.S. Dollar Index, the greenback gained 0.616 of a point at 98.015.
Benchmark crude oil prices were stronger on Monday morning, after the U.S. and the European Union reached a trade deal and U.S. President Donald Trump said he will shorten his 50-day deadline for Russia to end its invasion of Ukraine.
West Texas Intermediate advanced US$1.65 at US$66.81 and Brent crude oil rose US$1.64 at US$70.08 per barrel.
Shortly after the TSX/S&P Composite Index opened it slipped 37.39 points at 27,465.96.
Gold was down US$8.10 at US$3,327.50 per ounce.
