Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, Nov. 3 The Canadian dollar was weaker Tuesday morning, as investors were busy adjusting positions ahead of some comments from US Federal Reserve officials later in the week.

At 9:07 CST Tuesday morning the Canadian dollar was at US$0.7603 or C$1.3153 which compares with Monday’s North American close of US$0.7634, or C$1.3099.

US Fed Chair Janet Yellen is set to testify before the US Congress on Wednesday, and expectations that her comments may bolster expectations for a December US rate hike supported the US currency at the expense of other markets – including the Canadian dollar. Other US Fed officials will also testify on Wednesday.

Crude oil was stronger in early activity, which helped temper the declines in the energy-linked Canadian dollar.

The TSX was stronger, up 36.46 points at 9:07 CST to sit at 13,659.47.
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