Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, MB, Nov. 8, 2017 (CNS Canada) – The Canadian
dollar strengthened Wednesday against its American counterpart
following a speech by Bank of Canada Governor Stephen Poloz

At 8:59 CST Wednesday morning the Canadian dollar was at
US$0.7854 or C$1.2730 which compares with Tuesday’s North
American close of US$0.7822 or C$1.2785.

Poloz’s comments Tuesday were less dovish than investors
had expected. In a speech and news conference, Poloz maintained
a neutral tone on the next interest rate move. He repeated the

bank’s message that it was monitoring wage growth and inflation,
as well as economic capacity to see how the economy was
adjusting to rate hikes in July and September.

Oil prices eased Wednesday as Chinese crude imports fell to
a one-year low, but the losses were partly offset by investor
caution over the rising political tensions in the Middle East.
Brent futures were at US$63.49 a barrel, down 20 cents.

Wall Street slipped at open Wednesday, as earnings season
is winding down and investors are now focusing on the debate
between lawmakers on the tax bill. The Dow Jones Industrial
Average lost 12.77 points, or 0.05 per cent, to 23,544.46. The
S&P 500 dropped 2.71 points, or 0.10 per cent, 2,587.93. The
Nasdaq Composite fell to 0.63 points, or 0.01 per cent,

The Toronto TSX/S&P Composite Index opened lower Wednesday
as losses in oil markets brought it down. The S&P/TSX Composite
dropped 38.12 points, or 0.24 per cent, to 16,090 after setting
a new record high at close Tuesday.


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