By MarketsFarm
WINNIPEG, March 3 (MarketsFarm) – The Canadian dollar was weaker Friday morning, with positioning ahead of next week’s Bank of Canada interest rate announcement a feature.
At 8:41 a.m. CST Friday morning the Canadian dollar was at US$0.7338 or US$1=C$1.3628, which compares with Thursday’s close of US$0.7345 or US$1=C$1.3612.
The value of building permits issued in Canada decreased by 4.0 per cent in January compared to the previous month, coming in at C$9.8 billion, according to a report from Statistics Canada. The residential sector accounted for most of the weakness, declining by 6.6 per cent, while the non-residential sector edged up by 0.7 per cent.
The Bank of Canada is set to hold their next policy meeting on March 8, with ideas they may hold rates steady this month after recent inflation data came in below expectations.
Crude oil was weaker in early trade, with West Texas Intermediate down by 2.0 per cent at US$76.57 per barrel.
The TSX was up by 78.76 points at 8:41 CST, trading at 20,415.97 points.
