Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, August 7 – The Canadian dollar opened significantly
lower than its US counterpart on Wednesday, undermined by a decline in
Canadian building permits for June, market watchers said.
According to Statistics Canada, the values of building permits
were down 10.3% from May, making it the first decrease in six months.
The weaker-than-expected numbers were due to poor performances from
Quebec’s non-residential sector and Ontario’s residential sector, the
report said.
Losses in commodities, including crude oil, copper and gold, added
to the loonie’s weakness.
At 8:34 CDT Wednesday, the Canadian dollar was at US$0.9593 or
US$=C$1.0424 which compares with Tuesday’s North American close of
US$0.9638, or US$=C$1.0376.
The TSX was down 31.62 points Wednesday morning at 8:34 CDT, to
sit at 12,437.70.