Canadian Dollar and Business Outlook

By Commodity News Service Canada
Sep. 20 (CNS Canada) – The Canadian dollar is posting small
gains this morning after hitting three-week highs yesterday with
the United States dollar in retreat. Higher crude oil prices are
helping to float the loonie.
The Canadian dollar was at US$0.7758, or C$1.2890 per U.S.
dollar at 8:45 a.m. CDT. It closed Sep. 19 at US$0.7724, or
C$1.2947.
With the U.S. dollar value considered to be near maximums
among investors, expectations that the U.S. Federal Reserve will
hike interest rates are sparking forecasts for a downward turn.
One market analyst BNP Paribas Asset Management forecasts that
the dollar could fall 10 per cent over the next six to nine
months, while Invesco predicts it could fall three per cent. The
Fed is expected to make a decision on interest rates Sep. 26.
The S&P/TSX composite index was down 0.40 per cent at 8:50
a.m. CDT, or 64.58 points to 16,214.50.
West Texas Intermediate (WTI) crude oil was at US$71.02 per
barrel, up 25 U.S. cents, early this morning.

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