Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 22 – The Canadian dollar opened stronger against
its US counterpart on Tuesday, underpinned by weaker-than-expected US
economic data, industry watchers said.
According to the US Department of Labour, the economy created
148,000 jobs in September, which is significantly weaker than the
180,000 job increase that economists’ expected. The disappointing data
means it’s also more likely that the US Federal Reserve will hold off
on slowing its monetary stimulus, analysts said.
Gains seen in commodities, including copper and gold, were also
supportive.
However, unfavourable Canadian economic data did limit gains,
brokers said. Statistics Canada reported that retail sales for August
were up 0.2% to C$40.3 billion, which was lower than the forecasted
0.3% gain.
At 8:40 CDT Tuesday, the Canadian dollar was at US$0.9714 or
US$=C$1.0294 which compares with Monday’s North American close of
US$0.9708, or US$=C$1.0301.
The TSX was up 62.91 points Tuesday morning at 8:40 CDT, to sit at
13,249.44.