Canadian Dollar and Business Outlook

By Commodity News Service Canada

Sept. 28 (CNS Canada) – The Canadian dollar fell overnight after the Bank of Canada failed to confirm interest rate hikes were nearby. Meanwhile, the U.S. Federal Reserve sounded more aggressive, which firmed the U.S. dollar. The loonie recovered somewhat in early trading and was at US$0.8024 at 8:03 a.m. CDT or C$1.2463 per US$1. It closed yesterday at US$0.8056 or C$1.2312 per US$1.

Shares in BlackBerry climbed seven per cent early this morning after the company reported that sales at its software business have set a record. BlackBerry also raised its revenue forecast for the year. The company, which stopped making the BlackBerry phone last year to concentrate on software, reported net income of C$19 million for the second quarter on revenue of C$249 million.

U.S. President Donald Trump presented his case for sweeping tax changes yesterday, which opposition Democrats said disproportionately benefitted wealthy individuals and corporations. The proposed reforms would cut taxes to every taxpayer by doubling the standard deduction, and also eliminates the inheritance tax and cuts the corporate rate to 20 per cent.

The S&P/TSX was up 9.7 points (0.06%) to 15,619.36 shortly after opening.

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