Canadian dollar and business outlook

By Commodity News Service Canada

Sept. 4 (CNS Canada) — The Canadian dollar is likely to face a rough ride this week. It’s expected to feel the ups and downs of North American Free Trade Agreement negotiations, which are set to resume tomorrow and run the rest of the week.

The loonie was under pressure early this morning from a rising American dollar but was holding steady against many other key currencies, including the euro and Japanese yen.

The Canadian/U.S. exchange was at US$0.7583, or C$1.3187 at 8:55 CDT this morning. The loonie closed Aug. 31 at US$0.7660, or C$1.3055. The August average exchange rate for Canada to U.S. dollars was US$7668, or C$1.3041 for U.S. to Canadian dollars.

Nike shares fell early this morning amid calls for a boycott following the sportswear company decision to market Colin Kaepernick as the face of its new advertising campaign. The former National Football League quarterback was the first player to kneel during the U.S. national anthem to protest racism. The hashtag #NikeBoycott was a top trending item on Twitter this morning. Nike shares were down two per cent early.

The S&P/TSX composite index was trading at 16,189.57 at 7 a.m. CDT, down 0.45 per cent, or 73.31 points.

In the U.S., the S&P 500 was trading at 2,888.80, down 12.72 points or 0.44 per cent.

The Dow Jones Industrial Average was down 0.53 per cent to 25.829.93, and the Nasdaq dropped 45.86 points, or 0.57 per cent, to 8,063.00.

West Texas Intermediate crude oil was trading at US$70.46, up 66 U.S. cents.

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