Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, June 15 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning, with sharp losses in copper said to be behind some of the weakness in the currency.
Positioning ahead of the latest interest rate policy announcement from the United States Federal Reserve on Wednesday was another feature in the financial markets.
At 8:40 a.m. CDT Tuesday morning, the Canadian dollar was at US$0.8208 or US$1=C$1.2183 which compares with Monday’s North American close of US$0.8236 or US$1=C$1.2142.
Canada’s Industrial Product Price Index (IPPI) was up by 3.1 per cent on a monthly basis in May, marking the sixth consecutive monthly increase, according to a report from Statistics Canada. The IPPI was up b 16.9 per cent on the year, marking the largest rise since January 1975.

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In other domestic data, Canadian housing starts were up by 3.2 per cent in May compared to the previous month, according to a report from the Canadian Mortgage and Housing Corporation.
Crude oil was firmer in early activity, with West Texas Intermediate crude oil up by 1.0 per cent Tuesday morning to trade at US$71.61 per barrel.
The TSX was stronger, up by 76.61 points at 8:40 CDT, trading at 20,234.26 points.