By Commodity News Service Canada
WINNIPEG, Feb. 24 The Canadian dollar moved lower against the US dollar Tuesday morning, as traders were shedding positions ahead of a US Federal Reserve speech, analysts said.
Janet Yellen, the US Federal Reserve chairwoman, will speak on Tuesday, and Wednesday, and traders believe she could hint at an interest rate increase in the US.
At 8:59 CST Tuesday, the Canadian dollar was at US$0.7918 or US$=C$1.2629, which compares with Monday’s North American close of US$0.7952 or US$1=C$1.2576.
Ongoing worries about slow Canadian economic growth and political problems in other parts of the world were also overhanging the loonie.
However, crude oil values were moving higher Tuesday morning, which limited the downside, brokers said.
The TSX was up 15.85 points, or 0.10%, at 8:59 CST Tuesday morning to sit at 15,216.86.
