By MarketsFarm
WINNIPEG, June 6 (MarketsFarm) – The Canadian dollar was slightly softer Tuesday morning, as losses in crude oil weighed on the energy-linked currency.
At 8:38 a.m. CDT Tuesday morning the Canadian dollar was at US$0.7439 or US$1=C$1.3443, which compares with Monday’s close of US$0.7444 or US$1=C$1.3434.
Canadian municipalities issued C$9.6 billion worth of building permits in April, which was down by 18.8 per cent from the previous month and the lowest level since December 2020, according to a report from Statistics Canada.
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The Bank of Canada is set to make its next interest rate decision on Wednesday. While most investors expect the Bank will hold its key overnight rate steady at 4.50 per cent, there are some participants expecting a 25-point hike given recent economic data.
While the recent announcement from Saudi Arabia that it would cut oil production remained somewhat supportive for crude oil, concerns over weakening global demand put a damper on the upside and crude prices were weaker Tuesday morning. West Texas Intermediate was down by 1.9 per cent at US$70.77 per barrel.
The TSX was holding near unchanged, down only 5.02 points at 8:38 CDT, trading at 19,926.60 points.
