Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 10 – The Canadian dollar opened flat against its
US counterpart on Wednesday, as the partial shutdown of the US
government, which is now into its second week, continues to dictate the
direction of the loonie, industry watchers said.
Some weakness came from unfavourable Canadian housing data,
analysts said. Statistics Canada reported that new housing prices were
up 0.1% in August, which was lower than July’s 0.2% advance, and short
of economists’ expectations of a 0.2% increase.
Losses seen in commodities, including gold, copper and crude oil,
added to the bearish tone.
However, expectations that Friday’s Canadian jobs report for
September will show a growth in employment provided some support,
brokers said. According to economists, roughly 13,500 jobs were created
by the economy during the month.
At 8:41 CDT Thursday, the Canadian dollar was at US$0.9620 or
US$=C$1.0395 which compares with Wednesday’s North American close of
US$0.9621, or US$=C$1.0394.
The TSX was up 89.35 points Thursday morning at 8:41 CDT, to sit
at 12,819.68.