Canadian Dollar And Business Outlook

By Commodity News Service Canada


WINNIPEG, February 5 The Canadian dollar was trading at a slightly softer level versus its US counterpart at 8:52 CST Tuesday, as political problems in Spain had traders wary of taking on riskier assets, including the Canadian currency, analysts said.


At 8:52 CST Tuesday, the Canadian dollar was at US$1.0010 or US$=C$0.9990, which compares with Monday’s North American close of US$1.0014 or US$=C$0.9986.


However, strong economic data from the euro zone and China helped to slow the Canadian dollar’s move to the downside, participants noted.


Firm commodity prices, including crude oil, gold and copper, also underpinned the value of the Canadian dollar.


There was no significant Canadian economic data to report on Tuesday.


The TSX was up 47.85 points, or 0.38%, at 8:52 CST Tuesday morning to sit at 12,765.47.