Canadian Forex Midday: C$ strengthens slightly

By Commodity News Service Canada

Winnipeg, January 29 – The Canadian dollar was slightly stronger
against its US counterpart at midday Wednesday, as traders position
themselves ahead of the afternoon’s US Federal Reserve interest rate
announcement, industry watchers said.
The Fed tapered asset purchases by US$10 billion a month in
December, and currently spend US$75 billion on their monthly bond-
buying program. According to some economists, there is a good chance
that the Fed cuts another US$10 billion today, which could pressure the
loonie.
Spillover from the gains seen in gold added to the bullish tone,
brokers said.
At 11:36 CST Wednesday, the Canadian dollar was trading at
US$0.8970 or US$1.1148, which compares with Tuesday’s North American
close of US$0.8964, or US$=$1.1156.
At 11:36 CST Wednesday, the Toronto Stock Exchange was down 57.09
points to sit at 13,630.57.