By Commodity News Service Canada
Oct. 24 (CNS Canada) — The Canadian dollar is holding steady as investors await the Bank of Canada’s interest rate decision. BOC governor Stephen Poloz is seen as likely to raise interest rates later this morning. The greatest risk to the Canadian economy had been the lack of a North American trade deal, but with the recent trade agreement in place, most economists see a rate hike as almost inevitable.
The Canadian dollar was at US$0.7638, or C$1.309 at 8:26 a.m. CDT. It closed Oct. 23 at US$0.7635, or C$1.3098.
Canada’s major stock index, the S&P/TSX composite, opened lower ahead of the central bank’s decision on interest rates at 15,273.95, a decline of 11.22 points, or 0.07 per cent at 8:45 a.m. CDT. That’s a five-day decline of 294.57 points, or 1.89 per cent.
West Texas Intermediate (WTI) crude oil was at US$67.20 per barrel, up 77 U.S. cents.
