By Commodity News Service Canada
Winnipeg, February 25 – The Canadian dollar was higher against its American counterpart at midday Wednesday, after the Bank of Canada indicated it wasn’t looking to adjust the interest rate anytime soon.
The loonie was at US$0.8041 or US$1 = C$1.2436 at 11:40 CST Wednesday morning.
The central bank’s governor Stephen Poloz said last month’s interest rate cut gave the country time to figure out how to steer itself towards stability. The cut was made after oil prices plunged around the world. Poloz said he thinks the economy should be back on track by 2017.
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According to the US Department of Energy, crude inventories in the US rose 8.4 million barrels last week, which was twice the amount expected. Brent crude oil rose above US$59 a barrel on word Chinese factories were increasing production ahead of schedule.
On the commodity markets the March copper contract was unchanged at US$2.65 a pound. The April crude contract in New York ticked higher to US$49.71 a barrel. The April gold contract leaped US$7.80 to US$1,205.10 an ounce.
At 11:40 CST Wednesday morning, the Toronto Stock Exchange was up 51.32 points to 15,213.33.
