Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 23 – The Canadian dollar opened weaker against
its US counterpart on Wednesday, undermined by concerns that China’s
central bank could raise interest levels in the near-term, which would
slow global economic growth, industry watchers said.
Losses seen in commodities, including gold, copper and crude oil,
added to the bearish tone.
Traders are also looking ahead to the Bank of Canada’s policy
statement later in the morning. Economists are expected to keep the
overnight rate at 1%.
At 8:36 CDT Wednesday, the Canadian dollar was at US$0.9680 or
US$=C$1.0330 which compares with Tuesday’s North American close of
US$0.9719, or US$=C$1.0289.
No major Canadian economic data is scheduled to be released on
Wednesday.
The TSX was down 0.77 points Wednesday morning at 8:36 CDT, to sit
at 13,247.29.