Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, July 9 – The Canadian dollar opened higher against its
US counterpart on Tuesday, despite a report showing that Canadian
housing starts declined last month, market watchers said.
According to Canada Mortgage and Housing Corporation, housing
starts came in at an annualized rate of 199,586 units in June, which is
higher than the 190,000 that had been originally forecast by analysts.
Numbers were still down from 204,616 units in May.
Only British Columbia’s urban starts increased in June, while
Atlantic Canada, Ontario, Quebec and the Prairies all decreased.
Losses in commodities, including crude oil and copper, also
limited the loonie’s gains.
At 8:40 CDT Tuesday, the Canadian dollar was at US$0.9503 or
US$=C$1.0522 which compares with Monday’s North American close of
US$0.9470, or US$=C$1.0560.
The TSX was up 30.08 points Tuesday morning at 8:40 CDT, to sit at
12,238.95.