By Commodity News Service Canada
WINNIPEG, August 24 (CNS Canada) The Canadian dollar weakened against its US counterpart Wednesday morning, falling with crude oil prices as all eyes focus on the US Federal Reserve.
Investors eagerly await US Federal Reserve chair Janet Yellen’s speech on Friday, hoping it will shed some light on the timing of an interest rate hike.
Recent hawkish comments by some federal officials, including Vice Chairman Stanley Fischer, have raised expectations Yellen might signal the possibility of a rate hike as early as September.
Trading volumes have been low the past few days as the earnings season winds down and traders avoid major bets without a firmer handle on monetary policy, weighing on the loonie.
At 9:46 CDT Wednesday, the Canadian dollar was at US$0.7720 or US$=C$1.2953, which compares with Tuesday’s North American close of US$0.7746 or US$1=C$1.2910.
The TSX was down 43.25 points, or 0.29 per cent, at 9:46 CDT Wednesday morning to sit at 14,721.52.
