By Commodity News Service Canada
Winnipeg, July 14 – The Canadian dollar was slightly higher on Monday as traders focus on the Bank of Canada’s upcoming report on interest rates, scheduled to be released on Wednesday. Traders are also keeping their eye on the Bank of Canada’s latest Monetary Policy Report.
At 8:56 CDT Monday morning, the Canadian dollar was at US$0.9325 or US$1 = C$1.0720, up 0.09 cents from Friday’s close, which saw the loonie drop due to disappointing Canadian employment data for the month of June.
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It is universally expected that the central bank’s key rate will remain at one per cent, allowing traders to focus more particularly on the bank’s assessment of how the economy is performing amid rising inflation.
The Canadian currency has been hovering around the 94 cent US level recently, due to rising oil prices, stronger than expected housing data and higher inflation, analysts say.
On the commodity markets, August crude oil decreased 11 cents to US$100.72 a barrel. August gold bullion fell $22.90 to US$1,314.50 an ounce and September copper dropped a cent to US$3.25 a pound.
The TSX was up 34.45 points to 15,159.95 at 8:56 CDT Monday morning.
