Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, August 25 (CNS Canada) The Canadian dollar traded both sides of unchanged against its US counterpart Thursday morning, as crude oil fell and investors continued playing the waiting game ahead of US Federal Reserve chair Janet Yellen’s speech on Friday.

Oil prices slipped once again on Thursday as oversupply overshadows any expectations of a production freeze.

Members of the Organization of the Petroleum Exporting Countries (OPEC) will meet on the sidelines of the International Energy Forum in Algeria, September 26 to 28, in hopes of reaching a potential deal with oil exporters to freeze production levels in attempt to support prices.

However, hopes of a deal are fading due to record OPEC output and few analysts seeing the possibility of voluntary restrictions, weighing on prices.

The greenback shifted lower on Thursday as investors wait for clues on a possible interest rate hike in Yellen’s speech. A hawkish tone has already been set by key policymakers, and while a rate hike is not widely expected in September, investors will watch Yellen’s language to assess whether she will take a more aggressive stance.

At 9:01 CDT Thursday, the Canadian dollar was at US$0.7737 or US$=C$1.2925, which compares with Wednesday’s North American close of US$0.7734 or US$1=C$1.2930.

The TSX was down 4.36 points, or 0.03 per