Loonie flying lower
The Canadian dollar was slightly lower Tuesday morning amid wrangling over dealing with more bailout money for Greece and worries about the approaching "fiscal cliff" in the United States.
The loonie was down 0.02 of a cent from Friday's close to 99.85 cents US. The loonie wasn't traded in Canada on Monday as banks were closed for the Remembrance Day holiday.
The looming end-of-year deadline over the expiration of Bush-era tax cuts and the automatic launch of massive spending cuts at the end of the year continued to cast a pall over markets. Economists reckon that such a scenario, the so-called fiscal cliff, would take a big chunk out of economic growth, likely pushing the U.S. back into recession and taking other economies down with it.
Traders also looked ahead to updated budget forecasts later in the day by finance minister Jim Flaherty.
"(The update) is likely to increase the focus on the risks that the U.S. fiscal cliff negotiations pose to the Canadian economy," observed Scotia Capital chief currency strategist Camilla Sutton.
Read more Business News
- Rain won't stop TRU eventKamloops - 1:33 pm
- Quad crash hospitalizes oneKelowna - 1:04 pm
- Fire destroys houseVernon / N. Okanagan - 12:51 pm
- Crash: Truck Vs. PontiacCentral Okanagan - 8:57 am
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.25||+0.01|
|Copper Mountain Mining||2.93||+0.02|
|Sunrise Resources Ltd||0.025||0.00|
|Mission Ready Services||0.245||-0.005|
Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....
Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...
There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...