Tuesday, October 21st16.6°C
23836
22642

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.

The Canadian Press


Read more Business News

22689


Recent Trending




Today's Market
S&P TSX14547.71+209.94
S&P CDNX822.2810.93
DJIA16614.81215.14
Nasdaq4419.479+103.404
S&P 5001941.28+37.27
CDN Dollar0.8905-0.0003
Gold1249.10-2.60
Oil82.21+0.25
Lumber329.70+0.10
Natural Gas3.691-0.02

 
Okanagan Companies
Pacific Safety0.100.00
Knighthawk0.01-0.005
QHR Technologies Inc1.17+0.05
Cantex0.055-0.025
Anavex Life Sciences0.192+0.001
Metalex Ventures0.045-0.005
Russel Metals33.09+0.81
Copper Mountain Mining2.17+0.18
Colorado Resources0.150.00
ReliaBrand Inc0.012+0.0009
Sunrise Resources Ltd0.060.00
Mission Ready Services0.46+0.01

 



21297

FEATURED Property
20691103953 Harding
$325,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23545




Member of BC Press Council


23121