Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, September 9 – The Canadian dollar opened stronger
against its US counterpart on Monday, underpinned by favourable
Canadian economic data, industry watchers said.
Statistics Canada reported that building permits were up 20.7% in
July, with the total value of permits up for the sixth time in seven
months. The 20.7% increase shattered economists’ expectations of only a
3.5% gain for the month.
Gains seen in commodities, including gold and copper, added to the
loonie’s bullish tone.
At 8:38 CDT Monday, the Canadian dollar was at US$0.9639 or
US$=C$1.0374 which compares with Friday’s North American close of
US$0.9607, or US$=C$1.0409.
Traders are also looking ahead to Tuesday’s release of housing
starts for August. According to economists, the number of starts should
be in close range with the gains seen in July.
The TSX was up 34.50 points Monday morning at 8:38 CDT, to sit at
12,855.42.