By Commodity News Service Canada
Winnipeg, MB, March 12, 2015 (CNS Canada) – The Canadian dollar was higher against its American counterpart at midday Thursday, as speculation grew the Bank of Canada may not match an expected interest rate hike by the US Federal Reserve.
The loonie was at US$0.7838 or US$1 = C$1.2758 at 11:40 CDT Thursday morning.
Investors are betting that the US Federal Reserve will move to hike interest rates sooner than later. A meeting of the central bank is set for next week.
However, an economist told the House of Commons finance committee the Canadian central bank would base its decision on the outlook for inflation.
On the commodity markets the April crude contract in New York fell 0.51 to US$47.66 a barrel. The April gold contract fell US$0.90 to US$1,151.50 an ounce. The May copper contract was unchanged at US$2.656 a pound.
At 11:40 CDT Thursday morning, the Toronto Stock Exchange was up 9.56 points to 14,748.86.
