By Commodity News Service Canada
WINNIPEG, Oct. 29 The Canadian dollar was stronger Wednesday morning, as the energy-linked currency was supported by rising crude oil prices. Positioning ahead of the US Federal Reserve interest rate announcement later in the day was also behind some of the activity in the currency markets.
At 9:01 CDT Wednesday morning the Canadian dollar was at US$0.8984 or C$1.1131 which compares with Tuesday’s North American close of US$0.8952, or C$1.1171.
The Fed is widely expected to signal an end to its third round of quantitative easing in today’s announcement. The end of the stimulus is already being priced into the markets, but participants will be following the wording of the statement closely for any adjustments in the economic outlook.
Canadian and US GDP data will be out later in the week.
The TSX was weaker in early activity, down 30.28 points at 9:01 CDT to sit at 14,593.97.
