Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, July 16 – The Canadian dollar opened lower than its US
counterpart on Tuesday as traders position themselves ahead of Stephen
Poloz’s first interest-rate decision tomorrow since taking over as
governor at the Bank of Canada, market watchers said.
According to economists, Poloz will keep the benchmark interest
rate at one percent.
Adding to the bearish tone was a StatsCan report showing Canadian
factory sales were down from last year. Factory sales rose in May to
C$48.6 billion, leaving them 3.2 percent lower than 12 months earlier.
At 8:35 CDT Tuesday, the Canadian dollar was at US$0.9593 or
US$=C$1.0424 which compares with Monday’s North American close of
US$0.9602, or US$=C$1.0415.
Gains in commodities, including gold, copper and crude oil,
limited the loonie’s losses.
The TSX was up 34.10 points Tuesday morning at 8:35 CDT, to sit at
12,562.45.