By MarketsFarm
WINNIPEG, March 5 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning, seeing a continuation of recent declines relative to its United States counterpart.
At 8:46 CST Tuesday morning the Canadian dollar was at US$0.7498 or C$1.3337 which compares with Monday’s North American close of US$0.7509 or C$1.3317.
Turmoil in Canada’s ruling Liberal Party kept some caution in the currency market. Investors were reacting to the latest developments in the widening scandal, following the resignation of Treasury Board president Jane Philpott from cabinet.
Ideas that the Bank of Canada will be holding rates steady at its next policy announcement, and could be due for reducing rates later in the year, also weighed on the Canadian dollar.
Crude oil was firmer in early activity, providing some underlying support for the energy-linked currency.
The TSX was stronger Tuesday morning, up 44.90 points at 8:46 CST to sit at 16,083.03.
