Canadian dollar and business outlook

WINNIPEG, March 7 (MarketsFarm) The Canadian dollar was holding relatively steady Thursday morning, seeing some consolidation after recent declines.
At 9:38 CST Thursday morning the Canadian dollar was at US$0.7442 or C$1.3437 which compares with Wednesday’s North American close of US$0.7452 or C$1.3420.
The Bank of Canada took a more dovish stance on future interest rate hikes when announcing it was keeping rates unchanged for the time being on Wednesday. Many analysts are now expecting a cut sometime in the next year.
Bank of Canada Deputy Governor Lynn Patterson is set to give a speech later on Thursday. Currency traders will be following the speech closely for any insight on future Bank moves.
The value of Canadian building permits declined by 5.5 per cent in January compared to the previous month, according to a report from Statistics Canada.
Crude oil was steady in early activity.
The TSX was weaker Thursday morning, down 88.37 points at 9:38 CST to sit at 16,003.70.

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