By Commodity News Service Canada
WINNIPEG, Jan. 17 (CNS Canada) – The Canadian dollar was sharply stronger Tuesday morning, as advances in crude oil and weakness in the US dollar provided support.
At 9:00 CST Tuesday morning the Canadian dollar was at US$0.7667 or C$1.3043 which compares with Monday’s North American close of US$0.7583 or C$1.3187.
Recent comments from US President-elect Donald Trump that the US currency was ‘too strong’ accounted for some of the relative weakness in that country’s dollar, which supported the loonie.
Positioning ahead of Wednesday’s Bank of Canada interest rate announcement was another feature. The Bank 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.
The TSX was down 14.01 points at 9:00 CST to sit at 15,465.28.
