Nov 6, 2012 / 5:43 am
The Canadian dollar was higher Tuesday morning as commodity prices advanced and traders focused on an extremely tight U.S. presidential race.
The loonie rose 0.24 of a cent to 100.57 cents US.
"Election day comes with the presidential race too close to call and some trepidation about whether a firm winner might even be declared by tomorrow," said a commentary from RBC Dominion Securities.
Whichever way the contest plays out, the big hope is that the result will be clear enough to avoid a re-run of 2000 when the result was only known weeks later after a U.S. Supreme Court decision. Above all, traders hope that Democrats and Republicans will get down to the business of arriving at a budget agreement that will avert an automatic increase in taxes and spending cuts that could be imposed at the start of 2013.
This so-called fiscal cliff is particularly alarming as economists predict the subsequent shock from the higher taxes and deep automatic cuts in military and domestic spending would send the economy back into recession.
Commodity prices were higher with the December crude contract in New York up 31 cents to US$85.96 a barrel.
December copper added a penny to US$3.48 a pound while December bullion climbed $6.70 to US$1,689.90 an ounce.
Read more Business News
|QHR Technologies Inc||0.61||+0.06|
|Anavex Life Sciences||0.55||0.00|
|Copper Mountain Mining||1.62||+0.10|
The majority of Canadians prefer to make their big move during the summer season. There are a variety of reasons for choosing this time of year: it is easier to transport boxes in non-icy condition...
It appears as though more people these days are looking for an investment in real estate which offers cash flow returns. The fundamentals of cash flow type properties had been turned upsi...
Getintheloop Marketing Ltd. recently launched their membership platform, Getintheloop.ca. The new website offers an exclusive members area for access to discounts in the South Okanagan on premium res...
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs
- Bell not interested in selling more Astral
- Loonie dips over a quarter
- Taxman and the offshore tax havens
- Sharktopus views turns on YouTube TV
- Social media makes Disney blink
- BCE looks to cut $170 million
- TD Bank: Loonie could fall to 90 cents US
- Mixed results for North American markets