By Commodity News Service Canada
WINNIPEG, Jan. 16 (CNS Canada) The Canadian dollar was weaker Monday morning, as losses in crude oil put some pressure on the energy-linked currency.
At 9:03 CST Monday morning the Canadian dollar was at US$0.7605 or C$1.3149 which compares with Friday’s North American close of US$0.7618 or C$1.3126.
The losses in crude oil were tied to uncertainty over whether or not a proposed production cut from OPEC would go through as planned. Expectations that the US may be increasing crude oil output added to the softer tone.
The Bank of Canada is set to make its latest policy announcement on Wednesday, and is generally expected to be holding its key overnight rate unchanged at 0.5 per cent. The accompanying statement will be read closely for signs of future moves.
US markets are closed Monday for Martin Luther King Jr. Day, limiting some of the activity in the Canadian markets.
The TSX was down 15.77 points at 9:03 CST to sit at 15,481.51.
