By Commodity News Service Canada
Winnipeg, December 4 – The Canadian dollar opened weaker against
its US counterpart on Wednesday, as traders position themselves ahead
of the Bank of Canada’s (BoC) policy statement later in the morning,
industry watchers said.
According to investors, the BoC is expected to keep their
overnight rate at one per cent, with their overall tone being more
dovish.
However, gains seen in commodities, including gold, copper and
crude oil, limited any further losses.
Strong Canadian economic data was also supportive, brokers said.
Statistics Canada reported that Canada’s trade balance with the world
went from a C$303 million deficit in September to a C$75 million
surplus in October. Imports declined by 1.2% during the month while
exports were down just 0.3%.
At 8:47 CST Wednesday, the Canadian dollar was at US$0.9378 or
US$=C$1.0663 which compares with Tuesday’s North American close of
US$0.9391, or US$=C$1.0649.
The TSX was up 34.05 points Wednesday morning at 8:47 CST, to sit
at 13,285.82.
