WINNIPEG, July 13 (MarketsFarm) – The Canadian dollar was stronger Monday morning, as gains in the global equity markets helped the currency recover from the 10-day lows relative to its United States counterpart hit Friday.
At 9:07 CDT Monday morning the Canadian dollar was at US$0.7384 or C$1.3543 which compares with Friday’s North American close of US$0.7356 or C$1.3594.
Canada’s Industrial Product Price Index increased by 0.4 per cent in June after a 1.1 per cent increase the previous month, according to early flash estimates from Statistics Canada. The largest gains were in energy and petroleum products. Excluding those sectors, the IPP was down by 0.6 per cent on the month. The official numbers will be released on July 31.
The Bank of Canada is set to make its latest interest rate decision on Wednesday, and economists generally expect the key overnight rate will be kept at 0.25 per cent.
Crude oil was slightly weaker, with West Texas Intermediate down about 33 cents at US$40.22 per barrel.
The TSX was up by 42.02 points at 9:07 CDT to trade at 15,755.84 points.