By Commodity News Service Canada
WINNIPEG, March 1 (CNS Canada) The Canadian dollar was weaker Wednesday morning, as currency traders await the Bank of Canada’s latest interest rate announcement later in the morning.
The Bank is generally expected to be keeping rates unchanged, but market participants will be watching the accompanying statement closely for signs of future moves.
At 8:55 CST Monday morning the Canadian dollar was at US$0.7504 or C$1.3326 which compares with Tuesday’s North American close of US$0.7530 or C$1.3281.
A generally stronger tone in the US dollar index contributed to the relative weakness in the Canadian dollar.
Canada’s current account deficit (on a seasonally adjusted basis) narrowed by C$9.0 billion in the fourth quarter to C$10.7 billion as the goods balance posted its first surplus in more than two years, Statistics Canada said in a report on Wednesday.
Crude oil was firmer in early activity, which provided some support for the currency.
The TSX was down by 64.27 points at 8:55 CST to sit at 15,399.24.
