Canadian Dollar and Business Outlook
By Commodity News Service Canada
WINNIPEG, Nov. 21 (CNS Canada) – The Canadian dollar was weaker Wednesday morning, ahead of the federal government’s fall fiscal update.
At 8:44 CST Wednesday morning the Canadian dollar was at US$0.7526 or C$1.3283, which compares with Tuesday’s North American close of US$0.7542 or C$1.3259.
This afternoon Minister of Finance Bill Morneau will deliver the fiscal update and it’s unknown if corporate tax cuts, similar to the recent corporate tax cuts in the United States, are in the works. Earlier this year Morneau projected the federal deficit to be C$18.1 billion for 2018.
Oil prices Wednesday morning were up US$1.02 per barrel. West Texas Intermediate crude this morning was US$54.45 per barrel after closing yesterday at US$53.43 per barrel.
Gold is up Wednesday morning to US$1,227.30 per ounce from yesterday’s close of US$1,223.00 per ounce.
The Toronto TSX/S&P Composite Index was up 144.73 points Wednesday morning shortly after open at 15,020.73.