Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, November 25 – The Canadian dollar opened weaker against
its US counterpart on Monday, dropping below 95 US cents amid a weekend
agreement between Iran and other world powers regarding their nuclear
program, industry watchers said.
According to analysts, the deal also raises the possibility that
oil sanctions on the Middle Eastern country could be eased in the near-
term, which means the world market could see more barrels of oil.
Losses seen in commodities, including gold and crude oil, added to
the bearish tone.
Further weakness came from on-going expectations that the US
Federal Reserve will slow its monetary stimulus in early 2014, brokers
said.
At 8:45 CST Monday, the Canadian dollar was at US$0.9486 or
US$=C$1.0541 which compares with Friday’s North American close of
US$0.9502, or US$=C$1.0524.
With no major Canadian economic data scheduled to be released on
Monday or Tuesday, traders are looking ahead to Friday’s release of
Canada’s third-quarter gross domestic product. According to economists,
the GDP is expected to rise by 2.4%
The TSX was up 0.87 points Monday morning at 8:45 CST, to sit at
13,479.21.