Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 8 – The Canadian dollar opened lower against its
US counterpart on Tuesday, undermined by weaker-than-expected Canadian
economic data, market watchers said.
According to a Statistics Canada report, Canada’s trade deficit
widened to C$1.31 billion in August, up from C$1.19 billion in July.
Economists had forecast the deficit to narrow to C$700 million in
August.
Despite the poor data, the Canadian dollar remained in a narrow
trading range due to the ongoing partial shutdown of the US government,
which is now in its second week, analysts said.
Gains seen in commodities, including copper and crude oil, limited
the loonie’s losses.
At 8:37 CDT Tuesday, the Canadian dollar was at US$0.9683 or
US$=C$1.0327 which compares with Monday’s North American close of
US$0.9696, or US$=C$1.0313.
The TSX was up 13.98 points Tuesday morning at 8:37 CDT, to sit at
12,802.23.