WINNIPEG – The Canadian dollar opened the week on a high note ahead of a major decision by the Bank of Canada (BoC).
As of 8:38 a.m. CDT, the loonie was at US$0.7892 or US$1=C$1.2671, compared to US$0.7851 or US$1=C$1.2738 on Friday. The BoC is widely expected to announce on Wednesday it will raise its key interest rate by 0.5 of a point to 1.5 per cent in an effort to counter inflation.
On Memorial Day, the United States Dollar Index eased off by 0.16 of a point to 101.51.
Crude oil prices were higher on Monday after China eased its curbs implemented during a widespread COVID-19 outbreak. The European Union is also still working on a plan to ban Russian imports of crude oil. Brent crude oil increased US$0.38 per barrel to US$119.81. West Texas Intermediate (WTI) jumped US$0.59 at US$115.66/barrel. Meanwhile, Western Canadian Select (WCS) stepped back US$0.55 to US$97.09/barrel.
The TSX/S&P Composite Index rose 89.40 points to 20,837.98 as it seeks its first weeklong rally since March.
Gold was up US$6.90 per ounce to US$1,864.20.
