Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, July 6 – The Canadian dollar weakened against its US
counterpart Monday morning as crude oil prices fell and a majority
of Greeks voted “no” over the weekend to a financial rescue package.

At 9:05 a.m. CDT the Canadian dollar was at US$0.7907 or C$1.2647
which compares with Friday’s North American close of US$0.7962, or
C$1.2560.

More than 60 per cent of Greek voters chose not to accept a
bailout that would come with harsh austerity measures in favour of
an uncertain financial future.

European leaders are expected to meet this week to discuss the
financial crisis and whether the country will stay in the euro zone.

In Canadian domestic data, capital expenditures in
non-residential construction, machinery and equipment will likely
total C$251.8 billion in 2015, down 4.9 per cent from 2014, Statistics
Canada said in a report on Monday.

StatsCan also said spending in the public sector capital is
expected to decrease 0.2 per cent and private sector capital
expenditure is anticipated to fall by seven per cent- a result of
lower spending in mining, quarrying, and oil and gas extraction.

The TSX was weaker in early activity, down 91.43 points at 9:05
a.m. CDT to sit at 14,590.96.