Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, Nov. 6 – The Canadian dollar was firmer Wednesday morning, as solid domestic housing data provided support.

At 8:36 CST Wednesday morning the Canadian dollar was at US$0.9579 or C$1.0439 which compares with Tuesday’s North American close of US$0.9562, or C$1.0458.

Statistics Canada reported that C$6.5 billion worth of building permits were issued in September, up 1.7% from the previous month. Analysts had expected a more modest 0.6% monthly rise.

Crude oil and other commodities were also higher on Wednesday, which contributed to the firmer tone in the Canadian dollar.

Positioning ahead of Thursday’s European Central Bank interest rate meeting was another feature in the currency markets.

The TSX was near unchanged Wednesday morning, down only 0.02 points at 8:36 CST to sit at 13,361.71.