The Canadian dollar was stuck below parity with the U.S. dollar Friday on worries about the fallout from a string of tax hikes and deep spending cuts set to automatically go into effect in the U.S. at the end of the year.
The loonie fell 0.12 of a cent to 99.84 cents US as worries about the knock-on effects from those hikes and cuts sent traders to the perceived safe haven of U.S. Treasuries.
Unless Democrats and Republicans can come together and arrange a deficit-cutting compromise, tax increases and spending cuts totaling US$600 billion will automatically come into effect, a so-called "fiscal cliff" that would likely tip the U.S. back into recession and drag down other economies with it, including Canada's.
Bank of Canada governor Mark Carney said Thursday that the fiscal cliff is the most imminent threat facing the Canadian economy.
Commodity prices were mixed amid worries about demand concerns and the higher greenback.
The December crude contract on the New York Mercantile Exchange shook off early losses after encouraging U.S. consumer data was released mid-morning, rising 60 cents to US$85.69 a barrel.
Read more Business News
- No space for student newspaperKelowna - 5:00 am
- Wildfires: protecting homesKelowna - 6:17 am
- Girl, accused of starting wildfire World
- Fire brought back '03 memoriesPenticton / S. Okanagan
|QHR Technologies Inc||1.22||+0.01|
|Anavex Life Sciences||0.26||0.00|
|Copper Mountain Mining||2.89||-0.03|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.215||-0.015|
Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...
Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...
My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...