By Commodity News Service Canada
WINNIPEG, Sept. 14 (CNS Canada) – The Canadian dollar has lost 0.19 of a cent U.S. as of 8:22 a.m. CDT and was sitting at US$0.8195 or C$1.2203 per US$1. The loonie closed Wednesday at US$0.8205 or C$1.2187 per US$1.
The Bank of Nova Scotia forecasts a Canadian dollar worth 87 cents U.S. by the end of 2018, according to the bank’s chief economist Jean-Francois Perrault. He based that on expectations that Canadian interest rates will rise more quickly than expected, and a global move away from U.S. currency. U.S. bank JP Morgan sees the loonie reaching 86 cents U.S. in the first quarter next year. The Bank of Montreal in an earlier forecast, estimated the Canadian dollar would hit only 83 cents U.S. by the end of next year, while the Royal Bank had the loonie ending 2018 at 79.5 cents.
Iconic Canadian company Roots has filed preliminary papers with securities regulators, paving the way for a public share offering. The company said it hopes to raise C$200 million in the share sale expected to be held later this month.
The S&P/TSX climbed 8.46 points in early trading to 15,135.27 at.