Canadian Dollar and Business Outlook

Posted

By Commodity News Service Canada


WINNIPEG, MB, Oct. 5, 2017 (CNS Canada) – The Canadian

dollar was slightly weaker Thursday morning, after the

controversial Energy East pipeline was cancelled.


At 9:20 CDT Thursday morning the Canadian dollar was at

US$0.7976 or C$1.2540 which compares with Wednesday’s North

American close of US$0.8013 or C$1.2479.


TransCanada Corp. pulled the plug on its controversial

US$15.7-billion Energy East pipeline proposal Thursday morning,

after slowing oil sands growth and heightened environmental

scrutiny raised doubts about the viability of the project.


The pipeline was planned to deliver 1.1-million barrels per

day of western Canadian crude to eastern Canada and create

thousands of short-term construction jobs across the country.


United States stocks mostly nedged up again Wednesday to

extend the run of record closing highs with data on the services

sector adding to the strength of the American economy. The S&P

gained 2.96 points, to 2,540.7 and the Nasdaq added 22.84

points, to 6,557.46. However the Dow Jones Industrial Average

fell 3.81 points, to 22,657.83,


The TSX dipped at close on Wednesday, breaking a five-

session stretch of gains due to a fall in shares of the online

retail platform Shopify Inc and losses in the energy sector as

oil fell.


Shopify fell 11.5 per cent to $128.95 and U.S. crude prices

fell 0.9 per cent to close at US$49.98 a barrel and Canadian

Natural Resources lost 0.9 per cent, settling at $41.87. The TSX

closed down 7.51 points at 15,721.