By Commodity News Service Canada
Winnipeg, July 8 – The Canadian dollar saw little change on Tuesday, as it looked for direction with no major economic data set for release, analysts say.
At 9:02 CDT Tuesday morning, the Canadian dollar was at US$0.9369 or US$1 = C$1.0673, up slightly from Monday’s close of US$0.9366 or US$1 = C$1.0677.
Better American economic climate and rising oil prices are two of several factors that have been pushing currency to the 94 cents mark, the highest point so far this year.
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However, the Canadian dollar dipped on Monday, a sign that it might not be able to maintain this height in the long-term.
The Bank of Canada’s summer business survey indicated that executives at 100 Canadian firms were confident about the economic activity but were still cautious on investment and hiring, traders say. This may be one of the factors that caused some retraction in the loonie.
April’s survey had been slightly more optimistic as it showed signs of improvements for exporters, with businesses stating that they had a positive outlook based on a strengthening U.S. economy and a depreciating Canadian dollar.
On the commodity markets, August crude oil contracts were unchanged at US$103.53 a barrel. Meanwhile August gold bullion climbed to US$1,323.30 an ounce and September copper was up a penny to US$3.26 a pound.
The TSX dropped 75.96 points to sit at 15,096.97 at 9:02 CDT Tuesday morning.
