Glacier FarmMedia – The Canadian dollar took a small step back on Tuesday, one day before the Bank of Canada and the United States Federal Reserve announce their respective key interest rates.
The loonie declined to US$0.7223 or US$1=C$1.3844 on Tuesday, compared to US$0.7227 or US$1=C$1.3837 on Monday. The BoC is expected to maintain its key rate of 2.25 per cent, while analysts believe the Fed will cut its key rates by 25 basis points.
The U.S. Dollar Index was up 0.13 of a point at 99.22.
Crude oil prices were down due to oversupply fears but losses were limited as little progress was made towards the end of Russia’s invasion of Ukraine. West Texas Intermediate was down US$0.53 per barrel at US$58.35. Brent crude oil dropped US$0.44/barrel at US$62.05.
The TSX/S&P Composite Index gained 74.40 points to close at 31,244.37.
Gold added US$22.70 per ounce at US$4,240.40.
