By MarketsFarm
WINNIPEG, March 1 (MarketsFarm) – The Canadian dollar was holding relatively steady Wednesday morning amid ideas the Bank of Canada will pause its steady pace of interest rate hikes for the time being.
At 8:53 a.m. CST Wednesday morning the Canadian dollar was at US$0.7346 or US$1=C$1.3613, which compares with Tuesday’s close of US$0.7348 or US$1=C$1.3609.
Canada’s real gross domestic product was unchanged in the fourth quarter of 2022 after five consecutive quarterly increases, according to a report from Statistics Canada on Tuesday. While early data for January showed a 0.3 per cent increase during the month, the surprisingly soft headline number was seen as confirming ideas that the Bank of Canada would hold rates steady in next week’s policy announcement.
Crude oil was firm in early trade, with West Texas Intermediate up by 0.1 per cent at US$77.15 per barrel.
The TSX was up by 90.99 points at 8:53 CST, trading at 20,312.18 points.
