Glacier FarmMedia — The Canadian dollar was holding steady Tuesday morning, with positioning ahead of next week’s Bank of Canada interest rate announcement a feature.
Expectations are for both Canada’s central bank and the United States Federal Reserve to cut rates in the coming months.
At 9:14 a.m. CDT the Canadian dollar was trading at US$0.7236 or US$1=C$1.3820 which compares with Monday’s close of US$0.7238 or US$1=C$1.3816.
Strength in crude oil provided some support for the energy-linked currency. West Texas Intermediate was up 1.59 per cent at US$63.25 per barrel.
The TSX rose 46.63 points at 9:04 CDT to trade at 29,074.36.
