Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, December 19 – The Canadian dollar opened weaker against
its US counterpart on Thursday, undermined by Wednesday’s announcement
from the US Federal Reserve that said they would start tapering bond
buying in January, industry watchers said.
The US Fed will be cutting US$10 billion off their US$85 billion
of monthly bond purchases.
Losses seen in commodities, including gold and copper, were also
bearish.
Poor Canadian economic data added to the downward pressure,
analysts said. According to Statistics Canada, people receiving regular
employment insurance (EI) benefits were slightly higher in October than
September. The report said 510,500 people were receiving EI regularly
in October, compared to 503,800 in September.
At 8:45 CST Thursday, the Canadian dollar was at US$0.9345 or
US$=C$1.0700 which compares with Wednesday’s North American close of
US$0.9355, or US$=C$1.0689.
The TSX was up 3.23 points Thursday morning at 8:45 CST, to sit at
13,337.96.