Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, November 7 – The Canadian dollar opened weaker against
its US counterpart on Thursday, undermined by strong US economic data,
market watchers said.
The US Department of Commerce reported that the third-quarter
gross domestic product grew at an annualized rate of 2.8%, up from the
2% increase analysts expected.
Losses seen in commodities, including crude oil and gold, added to
the bearish tone.
At 8:51 CST Thursday, the Canadian dollar was at US$0.9583 or
US$=C$1.0435 which compares with Wednesday’s North American close of
US$0.9599, or US$=C$1.0418.
No major Canadian economic data is scheduled to be released on
Thursday, so traders are looking ahead to Friday’s Canadian employment
report for October. According to economists, it’s expected that 11,000
jobs were created during the month.
The TSX was down 1.73 points Thursday morning at 8:51 CST, to sit
at 13,378.68.