Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 24 – The Canadian dollar opened weaker against
its US counterpart on Thursday, undermined by favourable US economic
data and weaker-than-expected Canadian economic data, market watchers
said.
According to the US Department of Labour, jobless claims during
the week ended October 19 were down 12,000 to a seasonally adjusted
350,000.
Statistics Canada reported that 511,900 people received employment
insurance benefits in August, up 1.5% from July.
Wednesday’s Bank of Canada policy statement was still weighing on
the loonie’s value, as it was announced that inflation will remain
below 2% until the end of 2015, which is two quarters longer than their
forecast in July, analysts said.
Losses seen in commodities, including crude oil and copper, added
to the bearish tone.
At 8:42 CDT Thursday, the Canadian dollar was at US$0.9609 or
US$=C$1.0406 which compares with Wednesday’s North American close of
US$0.9630, or US$=C$1.0384.
The TSX was up 46.34 points Thursday morning at 8:42 CDT, to sit
at 13,289.66.