By MarketsFarm
WINNIPEG, Sep. 6 (MarketsFarm) – The Canadian dollar was holding relatively steady Tuesday morning with positioning ahead of an upcoming Bank of Canada interest rate decision behind much of the activity.
At 8:35 a.m. CDT Tuesday morning the Canadian dollar was at US$0.7620 or US$1=C$1.3123, which compares with Friday’s close of US$0.7621 or US$1=C$1.3121. Markets were closed Monday for Labour Day.
Average expectations ahead of Wednesday’s Bank of Canada rate announcement are for the central bank to raise its key overnight rate by 75 basis points, which would take it to 3.25 per cent. However, there are some analysts still expecting a more aggressive 100-point increase.
Crude oil was firmer in early activity. West Texas Intermediate was up by 1.05 per cent at US$87.78 per barrel.
The TSX was up by 68.71 points at 8:35 CDT, trading at 19,339.56 points.
