Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Jan. 26 (MarketsFarm) – The Canadian dollar was stronger on Wednesday morning, ahead of the interest rate announcement from Bank of Canada Governor Tiff Macklem.
As of 8:34 am CST, the Canadian dollar was at US$0.7944 or C$1.2587, compared to Tuesday’s close of US$0.7918 or C$1.2629.
The markets expect Macklem to double the central bank’s key interest rate from 0.25 per cent to 0.5 when he speaks at a news conference this morning at 9 am CST.
On the United States Dollar Index, the greenback was up 0.107 of a point at 96.035, adding a measure of pressure on the loonie.
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Benchmark crude oil prices were higher on Wednesday morning, providing support for the Canadian dollar. The increases are led by robust demand and the ongoing threat of war between Russia and Ukraine.
West Texas Intermediate (WTI) climbed 98 cents at US$86.58 per barrel. Brent crude oil gained US$1.23 at US$89.43 per barrel. Meanwhile, Western Canadian Select (WCS) advanced US$1.45 at US$73.64 per barrel.
At the open, the TSX/S&P Composite Index jumped 195.95 points at 20,786.93.
Gold fell US$12.90 at US$1,839.60 per ounce.
