Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, April 28 – The Canadian dollar was higher against its American counterpart Tuesday morning, buoyed by encouraging words from Bank of Canada governor Stephen Poloz.

At 8:58 CDT Tuesday morning, the loonie was up 0.0019 of a cent to US$0.8290 or US$1 = C$1.2063. Poloz told a crowd he expects the Canadian economy to recover in the second half of this year. He says a pick-up in non-energy exports will lead the way.

Changes in robotics and technology will catch many Canadian businesses off-guard in the coming years, according to a report by Deloitte. The Canadian arm of the accounting firm says only 13 percent of 700 companies surveyed on the subject scored well.

Ford Motor Company announced on Thursday that net income in its first quarter fell 7 percent, or 23 cents a share. It blames the loss on weaker sales and the rollout of the new F-150 truck.

On the commodity markets the May crude contract in New York fell US$0.01 to US$56.99 a barrel. The May gold contract rose $0.80 to US$1,204.00 an ounce.

At 8:58 CDT Tuesday morning, the TSX was down 27.92 points to 15,316.16,.22.