WINNIPEG, Dec. 4 (MarketsFarm) The Canadian dollar was slightly firmer Wednesday morning as investors squared positions ahead of the Bank of Canada’s latest interest rate announcement.
At 9:01 CST Tuesday morning the Canadian dollar was at US$0.7538 or C$1.3266 which compares with Tuesday’s North American close of US$0.7518 or C$1.3302.
The Bank of Canada is set to make its last interest rate decision of the year later in the day, and investors will be following the accompanying statement closely. Most investors expect the Bank will continue to hold rates steady, but recent economic data has been a little softer which could open the door to future cuts.
Crude oil was stronger in early activity, providing some underlying support for the energy-linked currency. The gains in oil came ahead of OPEC meetings in Vienna later this week, as deeper cuts to oil production are widely expected from the group and its allies.
The TSX was up by 33.15 points at 8:44 CST to sit at 16,925.33.