By Commodity News Service Canada
June 28 (CNS Canada) – The Canadian dollar made gains early today after Bank of Canada Governor Stephen Poloz talked optimistically about the Canadian economy.
Poloz said interest rate cuts the bank made in 2015 appear to have worked and helped stabilize the economy following the sudden fall in oil prices. He did not elaborate on future plans, as the bank’s next economic outlook, which includes an announcement on interest rates, is scheduled for July 12. Some investors speculated that the comments hinted at a rate hike.
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The Canadian dollar was trading above 76 cents at 76.25 cents U.S. at 8:40 CDT (C$1.3114 per US$1). The loonie closed Tuesday at 75.82 cents U.S. (C$1.3188 per US$1).
The Canada Pension Plan Investment Board (CPPIB) announced it is investing as much as US$1 billion in a partnership with Encino Energy to buy American oil and gas assets. Encino has committed US$25 million.
The S&P/TSX was down 1.24 points on early trading (.01 per cent) at 15,279.98 at 9s:03 a.m. CDT.
WTI crude oil was at US$44.18, down .14 per cent or six cents.
