By Commodity News Service Canada
Winnipeg, July 16 – The Canadian dollar was slightly lower Wednesday morning ahead of the Bank of Canada announcement on interest rates.
At 8:53 CDT Wednesday morning, the loonie was at US$0.9292 or C$1.0766, down 0.03 of a cent since Tuesday’s close.
Economists expect that the Bank of Canada will leave its key rate unchanged at one per cent, a level that it has hovered at for nearly four years.
There is a chance that currency could come under pressure following the announcement with central bank governor Stephen Poloz expected to adopt a more dovish tone on rates amid weakening economic indicators.
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China had positive economic news overnight, as data showed that Chinese economic growth rose to 7.5 per cent in the three months that ended June 30. This was up slightly from the previous quarter’s 7.4 per cent.
On the commodity markets, August crude oil gained 82 cents to US$100.80 a barrel. August gold bullion rose 70 cents to US$1,297.80, while September copper remained unchanged at US$3.25 a pound.
The TSX was up 97.62 points to sit at 15,178.94 at 8:53 CDT Wednesday morning.
