Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, July 22 – The Canadian dollar was lower against its American counterpart Wednesday morning, as losses in the oil patch and gold sector weighed down the loonie.

At 8:55 CDT Wednesday morning, the loonie was down 0.0051 of a cent to US$0.7673 or US$1 = C$1.2227. Rampant speculation that US interest rates will rise in the fall prompted many traders to sell off their gold-stocks.

The US dollar has also been under pressure recently due to profit-taking, according to a report.

On the commodity markets the September crude contract in New York fell US$0.60 to US$50.26 a barrel. The August gold contract declined $14.30 to US$1,089.20 an ounce.

At 8:55 CDT Wednesday morning, the TSX was down 113.96 points to 14,262.28.