Glacier FarmMedia — The Canadian dollar was holding steady Wednesday morning, lacking any clear direction as currency traders continued to adjust positions ahead of next week’s Bank of Canada interest rate announcement.
Expectations are for Canada’s central bank and the United States Federal Reserve to cut rates in the coming months.
At 8:53 a.m. CDT the Canadian dollar was trading at US$0.7228 or US$1=C$1.3835 which compares with Tuesday’s close of US$0.7229 or US$1=C$1.3833.
Strength in crude oil provided some support for the energy-linked currency. West Texas Intermediate was up 0.80 per cent at US$63.13 per barrel.
The TSX rose 114.03 points at 8:53 CDT to trade at 29,177.04.
