By MarketsFarm
WINNIPEG, Jan. 31 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning, seeing a continuation of Monday’s declines as currency traders position themselves ahead of an upcoming interest rate announcement from the United States Federal Reserve.
At 8:38 a.m. CST Tuesday morning the Canadian dollar was at US$0.7455 or US$1=C$1.3414, which compares with Monday’s close of US$0.7487 or US$1=C$1.3356.
General expectations are for the U.S. Fed to raise rates by 25 basis points on Wednesday, with the accompanying statement to be followed closely for signs of future moves.
Canada’s economy grew by 0.1 per cent in November compared to the previous month, according to a report from Statistics Canada. Preliminary estimates for December showed a steady monthly reading for the gross domestic product, with annual growth of 3.8 per cent.
Crude oil was softer in early activity, with West Texas Intermediate down by 0.4 per cent at US$77.60 per barrel.
The TSX was up by 24.24 points at 8:38 CST, trading at 20,596.35 points.
