Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 21 – The Canadian dollar opened slightly weaker
against its US counterpart on Monday, remaining in a narrow trading
range ahead of Wednesday’s Bank of Canada monetary policy statement,
industry watchers said.
Some weakness came from expectations that Tuesday’s US jobs report
will show the economy created 180,000 jobs, which would be stronger
than August’s numbers.
However, losses were halted by better-than-expected Canadian
economic data, analysts said. According to Statistics Canada, wholesale
sales were up 0.5% to C$49.8 billion in August, which was higher than
the 0.3% gain economists’ expected.
Gains seen in commodities, including gold and copper, also limited
losses.
At 8:42 CDT Monday, the Canadian dollar was at US$0.9709 or
US$=C$1.0299 which compares with Friday’s North American close of
US$0.9714, or US$=C$1.0294.
The TSX was up 33.44 points Monday morning at 8:42 CDT, to sit at
13,169.53.