By Commodity News Service Canada
Winnipeg, January 21 – The Canadian dollar was stronger against its American counterpart Wednesday morning, as crude oil and gold both showed strength.
At 8:45 CST Wednesday morning, the loonie was up 0.0030 of a cent to US$0.8288 or US$1 = C$1.2065. Later today, the Bank of Canada will make an announcement on interest rates. Canada’s central bank is expected to leave the key interest rate untouched at one percent where it has been since the fall of 2010.
The European Central Bank is expected to roll out more quantitative easing this week. On Thursday, analysts project a massive round of government bond purchases will be announced by the ECB, which is facing substantial economic challenges. The package could be worth between €500 and €700.
On the commodity markets the March crude contract in New York rose $0.22 to US$46.69 a barrel. March copper was down four cents at US$2.55 a pound while the February gold contract surged 6.70 to US$1,300.90 an ounce.
At 8:45 CST Wednesday morning, the TSX was down 4.06 points to 14,308.44.
