By Commodity News Service Canada
WINNIPEG, July 16 – The Canadian dollar was holding steady
relative to its US counterpart Thursday morning as the currency took
a breather after yesterday’s sharp weakness after the Bank of Canada
introduced an interest rate cut. Statistics Canada released a report
on foreign holdings.
At 8:40 a.m. CDT the Canadian dollar was at US$0.7742 or C$1.2917
which compares with Wednesday’s North American close of US$0.7740,
or C$1.2920.
Foreign investors reduced their holdings of Canadian
securities by C$5.4-billion in May. Meanwhile, Canadian investors
added $5.6-billion of foreign securities to their portfolios, mainly
corporate securities, Statistics Canada said in a report on Thursday.
According to StatsCan, Canada’s international transactions in
securities generated a net outflow of funds of C$11-billion from the
Canadian economy in May, following two months of net inflows.
The TSX was stronger in early activity, up 62.88 points at 8:40
a.m. CDT to sit at 14,662.28.
