The Canadian dollar remained steady Monday morning ahead the Bank of Canada's interest rate decision scheduled for release on Tuesday.
It is widely expected that the central bank will leave interest rates unchanged citing that the economy is performing well despite the August credit crunch. This does not mean, however, that the bank will be signaling a green light to raise rates in the future.
The overall message from the bank is likely to be one of cautious optimism, and will most likely contain some language as to the rapid appreciation of the loonie.
The price of gold continued to appreciate today, reaching $756.05 US once by 12 noon in New York. Strong commodity pricing has helped to keep the loonie ahead of its U.S. counterpart over the past week.
At 12:05 p.m. Monday, the U.S. dollar was trading up just slightly against the Canadian dollar at 0.9755.
Market report prepared by Bruce Hauser
Accu-Rate Corporation
2573 Carling Ave. Ottawa, ON K2B 7H7
Tel: (613) 596-5505
E-mail: bruce@accu-rate.ca
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