Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 16 – The Canadian dollar opened stronger against
its US counterpart on Wednesday, underpinned by hopes that US
policymakers would come to agreement on a deal that would stop the US
from reaching its debt ceiling at midnight, industry watchers said.
Gains seen in commodities, including gold and crude oil, added to
the loonie’s bullish tone.
However, weaker-than-expected Canadian manufacturing sales data
limited gains. Statistics Canada reported that sales in August were
down 0.2%, which is the first decline in three months. Economists had
forecast a 0.2% gain for the month.
At 8:52 CDT Wednesday, the Canadian dollar was at US$0.9647 or
US$=C$1.0365 which compares with Tuesday’s North American close of
US$0.9634, or US$=C$1.0380.
The TSX was down 5.74 points Wednesday morning at 8:52 CDT, to sit
at 12,925.72.