Friday, July 3rd27.8°C
25016

Canadian dollar up amid major corporate deal making, traders look to growth data

TORONTO - The Canadian dollar closed higher Tuesday as traders considered major Canadian corporate deal making and looked ahead to key data out at the end of the week.

The loonie rose 0.24 of a cent to 91.31 cents US.

Burger King announced it is buying Tim Hortons in a cash and stock deal worth about US$11 billion that will create the world's third-largest quick service restaurant company .

The deal will see the parent of the U.S. firm, 3G Capital, own 51 per cent of the new entity.

Depending on the structure of the deal, it could have an impact on the dollar.

The loonie has been pushed higher in the past by big corporate deals. That's because a foreign buyer acquiring a Canadian company will need Canadian currency to close the deal, boosting demand for the loonie on financial markets.

Meanwhile, Statistics Canada releases the June reading on gross domestic product growth on Friday. Economists expect that Statistics Canada will report that GDP grew by 0.2 per cent in June, which would translate into annualized growth of 2.6 per cent.

In the U.S., durable goods orders in July jumped 22.6 per cent reflecting a huge jump in orders at aircraft giant Boeing. Excluding transportation, orders actually declined 0.8 per cent.

On the commodity markets, October crude in New York was 51 cents higher to US$93.86 a barrel.

September copper fell three cents to US$3.19 a pound, while December gold gained $6.30 to US$1,285.20 an ounce.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14635.73-2.26
S&P CDNX670.47-1.11
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7954-0.0019
Gold1167.10+4.10
Oil56.19-1.42
Lumber288.50+0.40
Natural Gas2.772-0.050

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.56+0.01
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.84-0.03
Copper Mountain Mining1.14+0.00
Colorado Resources0.075+0.010
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.16-0.03
Decisive Dividend Corporation2.50+0.42

 





FEATURED Property
2298536351 Hillside Avenue
4 bedrooms 4 baths
$614,900
more details
image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_



26370

26370


Member of BC Press Council


26432