By Commodity News Service Canada
WINNIPEG, March 20 – The Canadian dollar was slightly firmer Wednesday morning, seeing a recovery from recent declines as investors were showing some optimism that a deal might be reached to help Cyprus.
At 9:37 CDT Wednesday morning the Canadian dollar was at US$0.9753 or C$1.0253 which compares with Tuesday’s North American close of US$0.9737, or C$1.0270.
The Cyprus government rejected a plan on Tuesday that would have seen a levy placed on bank deposits in the country, and now market participants are waiting for a new, less-drastic, plan to come forward to save the debt-ridden island nation.
The US Federal Reserve is set to release its latest policy announcement later Wednesday, keeping some caution in the financial markets ahead of the report.
There were no significant domestic economic releases on Wednesday.
The TSX was stronger Wednesday morning, up 25.90 points at 9:37 CDT to sit at 12,799.77.
