By Commodity News Service Canada
WINNIPEG, March 16 The Canadian dollar was firmer relative to the US dollar Monday morning, seeing an upward correction following Friday’s sharp drop, analysts said.
At 8:35 CDT Monday, the Canadian dollar was at US$0.7830 or US$=C$1.2771, which compares with Friday’s North American close of US$0.7819 or US$1=C$1.2790.
Some position squaring ahead of the US Federal Reserve’s next interest rate meeting on Wednesday was also supportive. Though, expectations that the Fed will raise interest rates in June continued to weigh on the loonie.
Further downward pressure came from the weakness seen in crude oil values, and ongoing worries about the negative impact it’s having on Canada’s economy.
The TSX was down 39.22 points, or 0.27%, at 8:35 CDT Friday morning to sit at 14,731.50.
