Canadian Dollar and Business Outlook

Posted

By Commodity News Service Canada


WINNIPEG, Oct. 2 (CNS Canada) The Canadian dollar was slightly weaker relative to its US counterpart Monday morning, as losses in crude oil and expectations for a US interest rate hike weighed on the currency.


At 9:17 CDT Monday morning the Canadian dollar was at US$0.7989 or C$1.2517 which compares with Friday’s North American close of US$0.8013 or C$1.2480.


Recent comments from the US Federal Reserve have bolstered expectations for a US interest rate hike before the end of the calendar year. However, the latest Canadian economic data has shown some softness, reducing the chances of a rate increase on this side of the border.


Crude oil was down on Monday, pressured by large world supplies and reports of increasing US production as rigs in the Gulf of Mexico get back in operation.


The TSX was stronger at 9:17 CDT, up 20.66 points at 15,655.6.