Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, February 6 The Canadian dollar was trading at a slightly softer level versus its US counterpart at 8:57 CST Wednesday, as disappointing retails sales data from Australia had traders avoiding risk, including the loonie, analysts said.

At 8:57 CST Wednesday, the Canadian dollar was at US$1.0026 or US$=C$0.9974, which compares with Tuesday’s North American close of US$1.0038 or US$=C$0.9962.

Weak crude oil prices also contributed to the Canadian currency’s losses.

The Canadian dollar also moved lower as traders were taking profits ahead of policy announcements from the European Central Bank and Bank of England on Thursday.

There was no significant Canadian economic data to report on Wednesday morning.

The TSX was up 24.30 points, or 0.19%, at 8:57 CST Wednesday morning to sit at 12,769.95.