By Commodity News Service Canada
July 10 (CNS Canada) — The Canadian dollar is rising against many international currencies, but was down compared to the U.S. dollar, ahead of an expected Bank of Canada interest rate increase tomorrow. Many analysts believe any strength will be short-lived and the dollar will weaken following the expected interest rate hike. The CAD/US exchange sat at C$1.3130, or 0.7616 in the US/CAD rate at 8:50 CT.
The dollar closed yesterday at C$1.3097, or in US/CAD terms it was 0.7635.
The S&P/TSX index opened higher this morning due mainly to gains by convenience store operator Alimentation Couche-Tard, which was up 11 per cent in early trading. The index was up 0.26 per cent or 42.73 points at 16,495.07.
Oil prices rose more than US$1 per barrel with the benchmark Brent oil futures climbing 96 cents or 1.2 per cent to US$79.03 early this morning.
Supply problems in Libya, Norway and Venezuela, and sanctions on oil exports from Iran are causing concerns.
West Texas Intermediate was up .79 per cent to US$74.44.
