WINNIPEG – The Canadian dollar was holding steady Wednesday morning, as currency traders await the latest interest rate announcement from the United States Federal Reserve.
At 9:17 CDT Wednesday morning the Canadian dollar was at US$0.7541 or C$1.3261 which compares with Tuesday’s North American close of US$0.7543 or C$1.3257.
The U.S. Fed is generally expected to be cutting its key overnight rate by a quarter of a percentage point today. U.S. President Donald Trump has indicated that he would like to see more cuts, but many economists question whether cuts are necessary at this time given generally favourable economic conditions.
In domestic data, Canada’s annual rate of inflation came in at 1.9 per cent in August, which was down from 2.0 per cent the previous month, according to a report from Statistics Canada.
The TSX was softer Wednesday morning, down 4.18 points at 9:19 CDT to sit at 16,830.57.