By Commodity News Service Canada
Winnipeg, July 2 – The Canadian dollar opened significantly lower
than its US counterpart on Tuesday, undermined by recent data showing
the US economy is strengthening faster than the Canadian economy,
market watchers said.
According to analysts, the loonie continued to weaken after a June
28 report showed Canada’s economy slowed in April, with just a 0.1
percent GDP increase. Putting additional weight on the market was news
that factory orders in the US grew two percent in May, compared to one
percent in April, according to a Bloomberg survey.
Losses in commodities, including gold and copper, added to the
Canadian dollar’s bearish tone.
At 8:45 CDT Tuesday, the Canadian dollar was at US$0.9471 or
US$=C$1.0558 which compares with Friday’s North American close of
US$0.9508, or US$=C$1.0518.
The TSX was up 76.32 points Tuesday morning at 8:45 CDT, to sit at
12,205.43.
