By Commodity News Service Canada
Winnipeg, May 23 – The Canadian dollar was slightly higher against its US counterpart at midday Friday, as rising price pressures prompt speculation the Bank of Canada will not raise the interest rate.
A report by Statistics Canada on Friday showed the consumer price index for April rose by two percent, which was in line with expectations. The data comes at a crucial time, said analysts, as the Bank of Canada is expected to make a decision on whether or not to adjust the rate at a meeting on June 4.
On the commodity markets, The July crude oil contract gained 37 cents to US$104.11 a barrel which was supportive. June bullion dipped $1.80 to US$1,293.20 an ounce, which was bearish.
At 11:45 CDT Friday, the Canadian dollar was trading at US$0.9198 or US$1.0872, which compares with Thursday’s North American close of US$0.9180, or US$=$1.0893.
At 11:45 CDT Friday, the Toronto Stock Exchange was down 6.49 points to sit at 14,695.80.
