By Commodity News Service Canada
Winnipeg, December 9 – The Canadian dollar opened weaker against
its US counterpart on Monday, undermined by concerns that recent
better-than-expected US economic data could lead the US Federal
Reserve to slowing its monetary stimulus later this month, industry
watchers said.
Weaker-than-expected Canadian housing data also weighed on the
loonie, participants said. According to Canada Mortgage and Housing
Corp., the seasonally adjusted rate of housing starts in November was
192,235, which was down from 198,161 starts in October and below trade
expectations of 195,000 starts.
However, gains seen in commodities, including gold, copper and
crude oil, limited any further losses.
At 8:41 CST Monday, the Canadian dollar was at US$0.9373 or
US$=C$1.0668 which compares with Friday’s North American close of
US$0.9384, or US$=C$1.0656.
The TSX was up 50.43 points Monday morning at 8:41 CST, to sit at
13,331.15.
