By Commodity News Service Canada
WINNIPEG, July 27 (CNS Canada) The Canadian dollar strengthened slightly against its US counterpart Wednesday morning, edging higher in rangebound trading.
Apple shares gave the greenback a boost, rising 7.4 per cent after selling more iPhones than expected, limiting the loonie’s gains.
Investors await the US Federal Reserve’s decision on interest rate hikes as the two-day policy meeting wraps up later in the day.
Interest rates are expected to stay unchanged for the time being, but investors will look for clues as to when the next rate hike could happen. Recent strong US economic data could prompt an increase in the coming months.
At 9:07 CDT Wednesday, the Canadian dollar was at US$0.7587 or US$=C$1.3180, which compares with Tuesday’s North American close of US$0.7582 or US$1=C$1.3189.
The TSX was up 53.68 points, or 0.37 per cent, at 9:07 CDT Wednesday morning to sit at 14,603.68.
