By MarketsFarm
WINNIPEG, March 2 (MarketsFarm) – The Canadian dollar was firmer Monday morning, finding some spillover support from crude oil.
At 8:50 CST Monday morning the Canadian dollar was at US$0.7470 or C$1.3387 which compares with Friday’s North American close of US$0.7447 or C$1.3429.
Crude oil was up by about US$1 per barrel to start the week, amid expectations that the Organization of Petroleum Exporting Countries (OPEC) and its allies will announce production cuts later this week.
The Bank of Canada will make its latest policy statement on Wednesday. Investors generally expect the Bank will hold rates steady this month. However, the accompanying statement will be watched closely for future direction, especially in light of the COVID-19 coronavirus and Canadian rail blockades over the past month.
The TSX was down 34.70 points at 8:50 CST to trade at 16,225.35 points.
