Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, November 20 – The Canadian dollar opened stronger
against its US counterpart on Wednesday, underpinned by favourable
Canadian economic data, market watchers said.
According to Statistics Canada, wholesale sales were up for a
third consecutive month in September, increasing by 0.2% to C$49.8
billion.
Weaker-than-expected US economic data was also supportive for the
loonie, traders said. The US Department of Labour reported that the
consumer price index was down for the first time in six months,
dropping 0.1% in October. Economists expected no change for the month.
Gains seen in commodities, including crude oil and copper, added
to the bullish tone.
At 8:41 CST Wednesday, the Canadian dollar was at US$0.9574 or
US$=C$1.0444 which compares with Tuesday’s North American close of
US$0.9550, or US$=C$1.0471.
Investors are also looking ahead to Wednesday afternoon’s release
of minutes from the US Federal Reserve’s October policy meeting,
analysts said. The Fed is not expected to slow its monetary stimulus
until 2014.
The TSX was down 11.07 points Wednesday morning at 8:41 CST, to
sit at 13,431.70.