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Canadian Dollar And Business Outlook

| 1 min read

By Commodity News Service Canada

WINNIPEG, January 29 The Canadian dollar was slightly firmer compared to its US counterpart at 8:52 CST Tuesday, consolidating following a recent sharp decline associated with concerns about economic growth in Canada, analysts said.

At 8:52 CST Tuesday, the Canadian dollar was at US$0.9953 or US$=C$1.0047, which compares with Monday’s North American close of US$0.9935 or US$=C$1.0065.

Strong commodity prices, including crude oil, gold and copper, also helped the Canadian dollar move to higher ground, traders said.

There was no significant Canadian economic data report on Tuesday.

Traders were looking ahead to Wednesday’s US Federal Reserve meeting regarding interest rates and Thursday’s Canadian economic growth report from Statistics Canada.

The TSX was up 22.21 points, or 0.17%, at 8:52 CST Tuesday morning to sit at 12,838.12.