Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, December 18 – The Canadian dollar opened weaker against
its US counterpart on Wednesday, as traders positioned themselves ahead
of the US Federal Reserve’s policy statement in the afternoon, industry
watchers said.
Despite some concerns that the Fed could start tapering as early
as today, most economists believe the Fed will wait until early 2014,
analysts said.
Gains seen in commodities, including crude oil and gold, limited
the loonie’s losses, as did better-than-expected Canadian economic
data.
According to Statistics Canada, wholesale sales were up 1.4% to
C$50.5 billion in October, beating trade expectations of a 0.3%
increase in sales.
At 8:42 CST Wednesday, the Canadian dollar was at US$0.9392 or
US$=C$1.0647 which compares with Tuesday’s North American close of
US$0.9425, or US$=C$1.0610.
The TSX was up 95.33 points Wednesday morning at 8:42 CST, to sit
at 13,275.49.