Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, December 5 – The Canadian dollar opened slightly weaker
against its US counterpart on Thursday, undermined by stronger-than-
expected US economic data, industry watchers said.
According to the US Department of Commerce, the US third-quarter
gross domestic product grew at a seasonally adjusted rate of 3.6%,
beating trade expectations of a 3.2% increase.
Losses seen in commodities, including gold, copper and crude oil,
added to the bearish tone.
However, better-than-expected Canadian economic data did manage to
limit losses, brokers said. Statistics Canada said the total value of
building permits were up 7.4% in October from September, beating
economists’ expectations of a 1.0% increase.
At 8:47 CST Thursday, the Canadian dollar was at US$0.9360 or
US$=C$1.0683 which compares with Wednesday’s North American close of
US$0.9365, or US$=C$1.0678.
The TSX was up 69.04 points Thursday morning at 8:47 CST, to sit
at 13,235.88.