Loonie Holds Steady Amid Crude Oil Weakness and Rate Hike Fears

The Canadian dollar has held steady against its US counterpart despite concerns over falling crude oil prices. At 9:25 CDT on Tuesday, the Canadian dollar was trading at US$0.7092 or US$1=C$1.4100.

This marks a slight increase from Monday's close of US$0.7085 or US$1=C$1.4114.

The outlook for interest rates is also on investors' minds, with the U.S. Federal Reserve set to make its next announcement on Wednesday. Analysts expect the central bank to keep rates unchanged, but accompanying statements will be closely watched for hints of future moves.

Market watchers believe a rate hike could come as early as September, which would have significant implications for Canadian businesses and consumers.