Canadian dollar and business outlook

Glacier FarmMedia — The Canadian dollar was slightly softer relative to its United States counterpart Tuesday morning as currency markets awaited key policy announcements later this week.

• At 9:50 a.m. CDT the Canadian dollar was trading at US$0.7300 or US$1=C$1.3699 which compares with Monday’s close of US$0.7313 or US$1=C$1.3675.
• The Bank of Canada and the U.S. Federal Reserve will announce their latest interest rate decisions on Wednesday, with the European Central Bank, the Bank of England and the Bank of Japan following on Thursday. Analysts generally expect the central banks will hold steady for the time being, but the war in the Middle East has raised inflationary concerns and policy statements will be followed closely for hints of future moves.
• Crude oil was stronger, with West Texas Intermediate up 1.83 per cent at US$94.15 per barrel.
• Gold was 0.58 per cent higher at US$5,031.00 per ounce.
• The TSX was up 317.61 points at 9:50 CDT to trade at 33,182.16.

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