Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 28 – The Canadian dollar opened stronger against
its US counterpart on Monday, underpinned by ideas that the US Federal
Reserve will decide not to slow its monetary stimulus during this
week’s policy meeting, industry watchers said.
According to analysts, the Fed is unlikely to slow their bond
buying due to economic uncertainty caused by the 16-day partial
shutdown of the US government.
Gains seen in commodities, including crude oil and copper, added
to the loonie’s bullish tone.
At 8:40 CDT Monday, the Canadian dollar was at US$0.9571 or
US$=C$1.0448 which compares with Tuesday’s North American close of
US$0.9565, or US$=C$1.0455.
Traders are looking ahead to Thursday’s release of Canada’s gross
domestic product for August. Economists are expecting the economy to
have grown by 2%.
No major Canadian economic data is scheduled to be released on
Monday.
The TSX was down 5.81 points Monday morning at 8:40 CDT, to sit at
13,393.61.