By Commodity News Service Canada
Winnipeg, September 17 – The Canadian dollar was higher against its US counterpart at midday Wednesday, as traders squared positions ahead of a key speech by the US Federal Reserve.
The central bank is expected to address the question of interest rates in the US, and how long they will be held at current levels. Rates have been at near-zero since the financial crisis of 2008/09.
For two days this week, the US Federal Reserve has been discussing policy issues. Later this afternoon governor Janet Yellen is scheduled to address the interest rate issue.
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The dollar is expected to remain volatile due to the Scottish Independence vote and Canadian inflation data.
The December copper contract dipped three cents to US$3.14 a pound. The October crude oil contract lost 48 cents to hit US$94.43 a barrel. December gold jumped US$1.20 to $1,237.90 an ounce.
At 11:55 CDT Wednesday, the Canadian dollar was trading at US$0.9145 or US$1.0934, which compares with Tuesday’s North American close of US$0.9116, or US$=$1.0970.
At 11:55 CDT Wednesday, the Toronto Stock Exchange was down 63.58 points to sit at 15,446.96.
