By Commodity News Service Canada
WINNIPEG, July 18 (CNS Canada) – The Canadian dollar continues to strengthen compared to its American counterpart, lifted by higher prices for oil. The American dollar, meanwhile, is being battered by the collapse of health-care reforms, which is delaying other key initiatives such as tax reform. There are also concerns about the slow pace of recovery in the U.S. The loonie was up by .57 of a cent at 8:40 a.m. CDT at 79.30 cents U.S. or C$1.2610. It ended yesterday at 78.93 cents U.S., or C$1.2669.
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Ottawa is exploring possible tax changes to tighten rules that allow high income earners to incorporate to reduce tax rates. Finance minister Bill Morneau has scheduled a news conference for later this morning.
Crop markets are watching weather concerns in the United States today with two systems starting to make themselves felt in the Atlantic. Corn is also entering a key time for yield and quality so market volatility is expected, coinciding with temperature and precipitation changes.
Toronto’s S&P TSX index was down 27.72 points at 15,137.64 or .18 per cent at 8:40 a.m. CDT. The Dow Jones was down 53.66 points or .25 per cent at 21,576.06, the S&P 500 was down 4.98 points (.20 per cent) at 2,454.16 and the Nasdaq was down 17.50 points (.28 per cent) at 6,296.93.
