Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, September 4 – The Canadian dollar opened stronger
against its US counterpart on Wednesday, as traders look ahead to the
Bank of Canada’s interest rate announcement later today, industry
watchers said.
According to economists, it’s expected that the BoC will keep its
overnight rate at 1%.
Gains were limited by a Statistics Canada report that said
Canada’s trade deficit with the world widened from C$460 million in
June to C$931 million in July. According to the report, merchandise
imports increased 0.6% during the month, with exports declining 0.6%.
At 8:41 CDT Wednesday, the Canadian dollar was at US$0.9517 or
US$=C$1.0507 which compares with Tuesday’s North American close of
US$0.9497, or US$=C$1.0530.
Losses seen in commodities, including gold, copper and crude oil,
also limited the loonie’s gains.
The TSX was down 41.57 points Wednesday morning at 8:41 CDT, to
sit at 12,698.93.