Canadian Dollar and Business Outlook

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.

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