Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, October 29 – The Canadian dollar opened slightly
stronger against its US counterpart on Tuesday, amid mixed Canadian and
US economic data, market watchers said.
The loonie received some strength from poor US retail sales data,
analysts said. According to the US Department of Commerce, sales were
down 0.1% in September, which was lower than the flat reading
economists had forecast for the month.
The US Department of Labour also reported that the seasonally
adjusted producer price index was down 0.1% in September, the first
decrease since April.
However, gains were limited by a Statistics Canada report that
said the industrial product price index (IPPI) was down 0.3% in
September, which was lower than the 0.1% decline economists’ expected.
Losses seen in commodities, including crude oil and gold, were
also bearish.
At 8:43 CDT Tuesday, the Canadian dollar was at US$0.9580 or
US$=C$1.0438 which compares with Monday’s North American close of
US$0.9574, or US$=C$1.0445.
The TSX was up 31.44 points Tuesday morning at 8:43 CDT, to sit at
13,403.28.