By Commodity News Service Canada
WINNIPEG, Jan. 16 The Canadian dollar was weaker relative to the US dollar Friday morning. Expectations that the Bank of Canada will keep rates unchanged at next week’s interest rate announcement were bearish, analysts said.
At 8:50 CST Friday, the Canadian dollar was at US$0.8312 or US$=C$1.2031, which compares with Thursday’s North American close of US$0.8358 or US$1=C$1.1964.
Ongoing ideas that the US Federal Reserve will raise interest rates before Canada does were also weighing on the loonie.
Continued worries about the recent drop in crude oil values hurting Canadian economic growth further undermined the Canadian dollar. Though, a rebound in oil values Friday morning was supportive, as was strength in gold prices.
The TSX was up 66.60 points, or 0.47%, at 8:50 CST Friday morning to sit at 14,108.42.
