Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, November 27 – The Canadian dollar opened over half a
cent weaker against its US counterpart on Wednesday, as oil prices fell
to a five month low in the early morning, dropping 1.34% to US$92.42
per barrel, market watchers said.
Slow Canadian payroll data was also bearish for the loonie,
analysts said. According to Statistics Canada, non-farm payroll
employees’ average weekly earnings in September were C$918, which was
barely unchanged from the C$915 in August.
Further weakness came from stronger-than-expected US jobs data.
The US Department of Labour reported that claims for jobless benefits
were down 10,000 to a seasonally adjusted 316,000 during the week ended
November 23. Economists were expecting the seasonally adjusted rate to
move up to 330,000 claims.
At 8:44 CST Wednesday, the Canadian dollar was at US$0.9444 or
US$=C$1.0588 which compares with Tuesday’s North American close of
US$0.9497, or US$=C$1.0530.
The TSX was up 15.43 points Wednesday morning at 8:44 CST, to sit
at 13,365.20.