Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, January 23 – The Canadian dollar opened weaker against
its US counterpart on Thursday, falling below 90 US cents amid
Wednesday’s dovish Bank of Canada policy announcement, industry
watchers said.
Further weakness came after the US dollar was finally able to
settle above resistance seen at the key technical of C$1.1000, brokers
said.
Losses seen in commodities, including gold and copper, added to
the bearish tone.
However, stronger-than-expected Canadian economic data limited any
further losses. According to Statistics Canada, retail sales in
November were up 0.6% to C$41.0 billion, beating expectations of a 0.2%
increase.
At 8:43 CST Thursday, the Canadian dollar was at US$0.8989 or
US$=C$1.1124 which compares with Wednesday’s North American close of
US$0.9019, or US$=C$1.1088.
The TSX was up 10.91 points Thursday morning at 8:43 CST, to sit
at 13,977.29.