By MarketsFarm
WINNIPEG, June 5 (MarketsFarm) – The Canadian dollar was holding steady Monday morning, as market participants square positions ahead of an upcoming interest rate decision from the Bank of Canada.
At 8:35 a.m. CDT Monday morning the Canadian dollar was at US$0.7444 or US$1=C$1.3434, which compares with Friday’s close of US$0.7443 or US$1=C$1.3435.
The BoC is set to make its next interest rate decision on Wednesday. While most investors expect the Bank will hold its key overnight rate steady at 4.50 per cent, there are some participants expecting a 25-point hike given recent economic data.
Crude oil was stronger Monday morning, providing some underlying support for the energy-linked Canadian currency. West Texas Intermediate was up by 2.5 per cent at US$73.55 per barrel.
The TSX was stronger, gaining 10.21 points at 8:35 CDT, trading at 20,034.84 points.
