By Commodity News Service Canada
WINNIPEG, May 30 (CNS Canada) The Canadian dollar was slightly firmer Wednesday morning, although activity was on the thin side as investors await the Bank of Canada’s latest interest rate announcement.
At 8:43 CDT Wednesday morning the Canadian dollar was at US$0.7696 or C$1.2994, which compares with Tuesday’s North American close of US$0.7680 or C$1.3020.
Most investors expect the Bank will leave its key overnight rate unchanged at 1.25 per cent this month, although the accompanying statement will be followed closely for signs of future moves.
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Crude oil was firmer in early activity, helping the Canadian dollar show some strength for the first time in more than a week.
In economic data, Statistics Canada pegged the country’s current account deficit at C$19.5 billion in the first quarter. That was up by C$3.0 billion from the previous quarter and well above trade estimates. In a separate report, StatsCan reported that the Industrial Product Price Index rose by 0.5 per cent in April, while the Raw Materials Price Index was up by 0.7 per cent.
The TSX was stronger at 8:43 CDT, up 55.86 points at 15,978.47.
