Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Jan. 17 (MarketsFarm) – The Canadian dollar was slightly firmer Monday morning, with expectations for looming interest rate hikes in the United States largely priced into the global currency markets for the time being.
At 8:45 a.m. CST Monday morning the Canadian dollar was at US$0.7983 or US$1=C$1.2527 which compares with Friday’s close of US$0.7971 or US$1=C$1.2545.
Foreign investors increased their holdings of Canadian securities by C$30.1 billion in November, marking the largest investment since April 2020, according to a report from Statistics Canada. Canadian investors also upped their holdings of foreign securities by C$17.5 billion, leading to a net inflow of funds of C$12.6 billion.

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Statistics Canada also reported that manufacturing sales were up by 2.6 per cent in November, hitting C$63.1 billion. The Industrial product price index was up by 0.8 per cent from the previous month.
Crude oil was holding relatively steady in early trade, with the Martin Luther King Jr. Day holiday in the U.S. limiting some activity. West Texas Intermediate was down 0.05 per cent at US$83.26 per barrel.
The TSX was stronger, up 47.53 points at 8:43 CST, trading at 21,405.09 points.