Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, January 21 – The Canadian dollar opened weaker against
its US counterpart on Tuesday, as it continued to trade in a narrow
range ahead of Wednesday’s Bank of Canada interest rate announcement,
industry watchers said.
Some downward pressure came from a Wall Street Journal report that
said the US Federal Reserve could announce further easing to its
monetary stimulus in the near-term, analysts said.
Losses seen in commodities, including crude oil and copper, added
to the bearish tone.
However, stronger-than-expected Canadian economic data limited
losses, brokers said. According to Statistics Canada, manufacturing
sales were up 1.0% in November, beating trade expectations of a 0.3%
increase.
At 8:36 CST Tuesday, the Canadian dollar was at US$0.9117 or
US$=C$1.0968 which compares with Monday’s North American close of
US$0.9132, or US$=C$1.0951.
The TSX was down 28.81 points Tuesday morning at 8:36 CST, to sit
at 13,961.48.