Canadian financial close: C$ weaker Tuesday

Glacier FarmMedia — The Canadian dollar was softer on Tuesday, as currency traders adjusted positions ahead of policy announcements from several central banks later this week.

• The Canadian dollar settled 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.
• The war in the Middle East remained the focus of world energy markets, with crude oil higher on the day. West Texas Intermediate was up by 2.70 per cent at US$95.16 per barrel.
• The TSX Composite Index was up by 52.44 points at 32,929.09 points.
• Gold was 0.14 per cent higher at US$5,009.00 per ounce.

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