By Commodity News Service Canada
Winnipeg, July 8 – The Canadian dollar closed with no change on Tuesday, as it looked for direction with no major economic news, analysts say.
The Canadian dollar settled at US$0.9369 or US$1 = C$1.0677, the same as Monday’s close.
The loonie pushed to the 94 cent mark last week, due to a better American economic climate and rising oil prices. However, prices dipped on July 7, showing that the Canadian dollar may not be able to maintain this height in the long-term.
The Bank of Canada’s summer business survey showed that 100 Canadian firms were confident about the economic activity, but were still cautious around investments and hiring, traders say. Meanwhile the April survey businesses had stated that they had a positive outlook based on a strengthening U.S. economy and a depreciating Canadian dollar.
Canadian bonds ended higher on Tuesday after taking part in a broadly based global bond market rally after some sharply disappointing economic data from Europe.
