By Commodity News Service Canada
Winnipeg, October 28 – The Canadian dollar was higher against its US counterpart Tuesday morning, as the US Federal Reserve’s key stimulus program continues to wind along.
The US central bank massive purchase of bonds is aimed at keeping long-term rates low. It is scheduled to conclude by the end of the month.
The US Federal Reserve is set to meet this week to discuss where the topic of rate hikes will be tops on the agenda. An update on economic conditions in the US will also be touched on.
On the commodity markets, December bullion faded $1.70 to US$1,227.60 an ounce while copper prices jumped two cents to US$3.09 a pound. The December crude oil contract strengthened 55 cents to US$81.55.
At 8:45 CDT Tuesday, the Canadian dollar was at US$0.8926 or US$=C$1.1203 which compares with Monday’s North American close of US $0.8898, or US$=C$1.1238.
The TSX was down 74.82 points Tuesday morning at 8:45 CDT, to sit at 14,543.82.
