Saturday, March 28th15.8°C
25657
25546

Canadian dollar rises after steep loss, traders look to rate announcement

TORONTO - The Canadian dollar closed higher Monday as traders focused on the release Wednesday of the Bank of Canada's interest rate announcement and its latest monetary policy report.

The loonie edged up 0.17 of a cent to 93.33 cents US.

The loonie had tumbled three-quarters of a US cent on Friday in the wake of disappointing employment data that saw the loss of 9,500 jobs in June.

The central bank is universally expected to leave its key rate at one per cent, where it has been for almost four years. That means traders will particularly focus on the bank's assessment of how the economy is performing amid rising inflation.

"We will also be looking for any comments about the recent strengthening of the Canadian dollar and the risks that it may pose for their assumption of strengthening exports," said Mark Chandler, head of Canadian FIC strategy at RBC Dominion Securities.

The currency has lately been hovering around the 94 cent US level. It had been trading around 90 cents US for much of the year but found buoyancy from rising oil prices, stronger than expected housing data and higher inflation.

Investors will also focus on monetary policy testimony from U.S. Federal Reserve chair Janet Yellen on Tuesday and Wednesday.

"While much of the impact of the semi-annual address has waned with the (Fed) now providing quarterly forecast updates, we would expect some questions on the timing of future rate increases," Chandler said.

"Also on Wednesday, the (Fed's latest regional economic survey) will be released and should, on the basis of recent job figures, be a relatively upbeat compendium of economic conditions."

Commodities were mixed as the price of oil edged higher after its biggest one-day drop since April amid growing expectations of more supplies from Libya. August crude added eight cents to US$100.91 a barrel.

Metals declined with September copper down two cents to US$3.25 a pound while August gold bullion dropped $30.70 to US$1,306.70 an ounce.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0082
Gold1196.30-8.80
Oil48.43-3.00
Lumber282.40-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 



25718

FEATURED Property
22158034713 MacKinnon Road
3 bedrooms 4 baths
$2,395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_



25482

25666


Member of BC Press Council


25342