By Commodity News Service Canada
Winnipeg, July 28 – The Canadian dollar was higher on Monday, ahead of a heavy slate of North American economic data coming down this week, analysts say.
At 11:40 CDT Monday morning, the loonie rose 0.1 of a cent to US$0.9257 or US$1 = C$1.0801.
In the U.S., traders will be looking to second quarter GDP data out Tuesday. Growth is expected to come in at an annualized pace of three per cent after a harsh winter caused a 2.9 per cent contraction in the first quarter, traders say.
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The U.S. Federal Reserve makes its announcement on interest rates on Wednesday. Traders will look for clues about whether the Federal Reserve could move on hiking rates earlier than the middle of 2015, which is generally expected.
Statistics Canada will be released a major economic report on May gross domestic product figures on Thursday and economists are looking for a 0.3 per cent gain for the month.
Traders will be looking for the latest reading on the state of the American manufacturing sector from the Institute of Supply Management on Friday. The U.S. government will be releasing its employment report for July, which economists expect to show that approximately 230,000 jobs were created during the month. The Canadian employment report will be released on August 8.
The TSX was down 20.34 points at midday on Monday, to sit at 15,434.70.
