By Commodity News Service Canada
WINNIPEG, August 26 (CNS Canada) The Canadian dollar strengthened slightly against its US counterpart Friday morning, as investors waited to hear from US Federal Reserve chair Janet Yellen.
The greenback edged lower as investors remained cautious ahead of Yellen’s speech on Friday before a gathering of global bankers in Jackson Hole, Wyoming, boosting the Canadian dollar.
Yellen is expected to give a clearer picture on when an interest rate hike could happen. After an increasing number of Federal policymakers have pushed the case for raising rates, Yellen’s language will be carefully scrutinized to see if she will add to the hawkish tone.
At 8:57 CDT Friday, the Canadian dollar was at US$0.7758 or US$=C$1.2890, which compares with Thursday’s North American close of US$0.7736 or US$1=C$1.2926.
The TSX was up 39.77 points, or 0.27 per cent, at 8:57 CDT Friday morning to sit at 14,670.49.
