By MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – The Canadian dollar was slightly firmer Wednesday morning as investors awaited the Bank of Canada’s latest interest rate decision.
At 8:35 a.m. CDT Wednesday morning the Canadian dollar was at US$0.7460 or US$1=C$1.3405, which compares with Tuesday’s close of US$0.7452 or US$1=C$1.3419.
While most investors still expect the BoC will hold its key overnight rate steady at 4.50 per cent later this morning, a surprise increase in Australian rates heightened expectations that Canada could also raise rates by 25-basis points.
Canada’s merchandise exports were up by 2.5 per cent in April wile imports dipped by 0.2 per cent, causing the country’s merchandise trade surplus with the rest of the world to widen to C$1.9 billion during the month, according to a report from Statistics Canada.
Crude oil was firmer Wednesday morning, with West Texas Intermediate up by 0.96 per cent at US$72.43 per barrel.
The TSX was holding near unchanged, down 0.30 points at 8:35 CDT, trading at 20,055.30 points.
