Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, September 10 – The Canadian dollar opened stronger
against its US counterpart on Tuesday, underpinned by easing concerns
about US military action against Syria and favourable Chinese economic
data, industry watchers said.
The Syrian government announced that they would be handing over
their weapons to international control, which could lead the US to not
taking any military action against the country, analysts said.
Further support came from news of better-than-expected Chinese
industrial data. According to reports, industrial production was up
10.4% in August, which was above the 9.9% gain that economists were
expecting.
However, gains were limited by weak Canadian housing data. Canada
Housing and Mortgage Corporation said that the pace of starts slowed in
August, as the monthly seasonal adjusted rate fell to 180,291 from
193,021 in July.
At 8:43 CDT Tuesday, the Canadian dollar was at US$0.9660 or
US$=C$1.0351 which compares with Monday’s North American close of
US$0.9640, or US$=C$1.0373.
Losses seen in commodities, including crude oil and gold, also
limited the loonie’s gains.
The TSX was down 40.59 points Tuesday morning at 8:43 CDT, to sit
at 12,814.05.