Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, July 8 – The Canadian dollar opened slightly higher
against its US counterpart on Monday, underpinned by data showing
strength in the Canadian housing sector in May, market watchers said.
According to StatsCan, building permits worth C$7.3 billion were
issued in May, which is up 4.5 percent from April. Economists had
originally expected a 10 percent drop in May. The increase came mainly
from the residential sector in Ontario and the non-residential sector
in Quebec, analysts said.
Gains in commodities, including gold and copper, added to the
loonie’s bullish tone.
At 8:40 CDT Monday, the Canadian dollar was at US$0.9478 or
US$=C$1.0550 which compares with Friday’s North American close of
US$0.9463, or US$=C$1.0567.
The TSX was up 49.21 points Monday morning at 8:40 CDT, to sit at
12,184.12.