By Commodity News Service Canada
Winnipeg, March 5 – The Canadian dollar was nearly unchanged compared to its US counterpart at midday Tuesday, as traders were wary of pushing it too far one way or the other ahead of Wednesday’s Bank of Canada interest rate announcement.
Traders expect the Bank of Canada to keep the interest rate unchanged at 1 per cent due to weakening economic conditions in Canada.
At 11:58 CST Tuesday, the Canadian dollar was trading at US$0.9729, or US$1=C$1.0279, which compares with Monday’s North American close of US$0.9730, or US$=C$1.0277.
The Canadian dollar was also flat amid mixed commodity prices, with crude oil down slightly and gold and copper prices firmer.
There was no significant Canadian economic data to report at midday Tuesday. Traders were looking ahead to Friday’s Canadian jobs report.
The Toronto Stock Exchange was up 71.60 points, or 0.56%, at 11:58 CST Tuesday, to sit at 12,779.01.
