Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, June 13 (CNS Canada) The Canadian dollar weakened against its US counterpart Monday morning as the market grows wary on the US Federal Reserve’s decision to raise interest rates and the British vote on leaving the European Union (Brexit) in the coming weeks.

The US Federal Reserve Open Market Committee will meet Tuesday and Wednesday to decide when to raise interest rates for the second time in nearly a decade.

Fed Chair Janice Yellen was vague last week on when the hike would take place. Poor May hiring data and the impending Brexit vote on June 23 are raising concerns about the strength of the economy.

At 8:52 CDT Monday, the Canadian dollar was at US$0.7822 or US$=C$1.2784, which compares with Friday’s North American close of US$0.7839 or US$1=C$1.2757.

The TSX was up 19.40 points, or 0.15 per cent, at 8:52 CDT Monday morning to sit at 14,056.94.