Loonie continues its momentum ahead of Bank of Canada rate announcement

The Associated Press</span>
Published Monday, July 10, 2017 12:33AM EDT
Last Updated Monday, July 10, 2017 12:05PM EDT

TORONTO -- The Canadian dollar continued its momentum today amid expectations that the Bank of Canada appears poised to hike its interest rate later this week for the first time in seven years.

The loonie has been steadily gaining ground in recent days, and in late morning trading was at 77.70 cents US, up from Friday's average price of 77.60 cents US.

On Bay Street, the Toronto Stock Exchange's S&P/TSX composite index was up 19.21 points to 15,046.37, buoyed by mining stocks, after 90 minutes of trading.

In New York, the Dow Jones industrial average gained 13.14 points to 21,427.48, the S&P 500 index added 3.39 points to 2,428.57 and the Nasdaq composite index climbed 13.74 points to 6,166.82.

The August crude contract was up 36 cents to US$44.59 per barrel and the August natural gas contract was up eight cents to US$2.94 per mmBTU.

The August gold contract was up $2.20 to US$1,211.90 an ounce and the September copper contract was down one cent at US$2.64 a pound.

Let's block ads! (Why?)