By Commodity News Service Canada
WINNIPEG, July 14 – The Canadian dollar gained some ground
against its US counterpart Tuesday morning, ahead of a Bank of Canada
announcement, and as Statistics Canada released a report on refined
petroleum products.
At 8:50 a.m. CDT the Canadian dollar was at US$0.7850 or
C$1.2739, which compares with Monday’s North American close of
US$0.7849, or C$1.2740.
The Bank of Canada is expected to announce Wednesday whether
or not it will move interest rates lower. Many analysts expect the
bank to introduce a rate cut in an attempt to stimulate the economy.
In Canadian domestic data, refineries received 8.1 million
cubic metres of crude oil in April, up 5.1 per cent in the same month
in 2014, Statistics Canada said in a report on Tuesday.
According to StatsCan, domestic sales of refined petroleum
products totaled 8.2 million cubic metres in April, up 2.8 per cent
from April 2014.
The TSX was weaker in early activity, down 77.47 points at 8:50
a.m. CDT to sit at 14,455.75.
