TORONTO - The Canadian dollar was slightly higher Wednesday ahead of the Bank of Canada's announcement on its interest rate policy and economic outlook.
The currency gained 0.08 of a cent to 100.82 cents US.
The bank is expected to leave its key rate unchanged at one per cent and downgrade its growth forecast as the Canadian economy deals with tepid economic conditions around the globe.
The bank is also releasing its Monetary Policy Report. It's the first time the central bank has made the rate announcement and published the MPR on the same day.
Both are being released at 10 a.m. EST.
Commodities were little changed with the March crude contract on the New York Mercantile Exchange ahead a penny to US$96.69 a barrel.
February bullion ticked 40 cents lower to Us$1,692.80 an ounce while March copper was unchanged at US$3.71 a pound.
Traders also looked to Washington and an expected vote later today on raising the U.S. debt ceiling.
The House of Representatives is set to vote on a motion to increase the U.S. $16.4 trillion borrowing ceiling for three months. Without congressional action, the Treasury, sometime in late February or early March, will not have enough money to pay all of its obligations, raising the risk of a first-ever default on the U.S. government’s debts.