By Commodity News Service Canada
WINNIPEG, May 3 – The Canadian dollar dropped against its US counterpart on Wednesday, falling ahead of an interest rate decision from the US Federal Reserve.
The Fed will be wrapping up its two-day monetary policy meeting later on Wednesday. Many analysts expect policymakers will hold interest rates steady—which kept the loonie near a 14-month-low.
At 8:50 CDT Wednesday, the Canadian dollar was at US$0.7285 or US$=C$1.3727, which compares with Tuesday’s North American close of US$0.7289 or US$1=C$1.3720.
There was no significant economic data released by Statistics Canada on Wednesday.
The TSX was up 2.76 points at 8:50 CDT Wednesday morning to sit at 15,622.41.
