Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, December 17 – The Canadian dollar opened weaker against
its US counterpart on Tuesday, remaining in a narrow trading range
ahead of the US Federal Reserve’s policy statement on Wednesday,
industry watchers said.
Although most economists expect tapering to begin in early 2014,
some believe there is an outside chance that it could begin as early as
tomorrow, brokers said.
Losses seen in commodities, including gold and copper, were
bearish for the loonie.
However, strong-than-expected Canadian economic data limited any
further losses, participants said.
According to Statistics Canada, manufacturing sales were up 1.0%
in October to C$50.1 billion, surpassing trade expectations of a 0.3%
decline.
At 8:43 CST Tuesday, the Canadian dollar was at US$0.9438 or
US$=C$1.0595 which compares with Monday’s North American close of
US$0.9446, or US$=C$1.0587.
The TSX was up 4.35 points Tuesday morning at 8:43 CST, to sit at
13,188.76.