By Commodity News Service Canada
June 28 (CNS Canada) — The Canadian dollar tumbled immediately following Bank of Canada Governor Stephen Poloz’s meeting in Victoria late yesterday in which he gave no indication on whether the Bank intended to hike or hold steady on interest rates. The dollar posted new year-to-date lows of 0.7423 per US$1 immediately afterward, before rebounding. This morning the loonie was at 0.75187 per US$1 or C$1.3300. It closed yesterday at 0.7515 or C$1.3307.
The Canadian government wants to speed up work on the controversial Trans Mountain pipeline but it cannot take control of the project until its purchase is complete, likely in mid-summer. The federal government bought Kinder Morgan Canada’s pipeline for C$4.5 billion.
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Canada’s S&P/TSX composite index slipped in early trading, anxious over continued trade confrontations coming out of the United States. The fall in China’s currency, the yuan, is contributing to the decline. Canada’s main index was down 112.95 points, or 0.7 per cent, at 16,118.30 at 8:50 a.m. CDT.
The S&P 500 led major U.S. exchanges this morning, up 0.14 percent, the tech-heavy Nasdaq was up 0.05 per cent and the Dow was down 0.05 per cent.
WTI crude oil was up 0.07 per cent to US$72.82.
