Newspaper article The Canadian Press

Loonie Stays Unchanged as It Looks for Direction with No Economic Releases

Newspaper article The Canadian Press

Loonie Stays Unchanged as It Looks for Direction with No Economic Releases

Article excerpt

Loonie unchanged with no economic releases

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TORONTO - The Canadian dollar closed unchanged on Tuesday, unable to find direction amid a dearth of market-moving Canadian economic data.

The loonie ended the day at 93.66 cents US.

A number of factors, including rising inflation, a better American economic climate and rising oil prices, have helped push the currency to the 94-cent US mark in recent weeks and close to its highest point so far this year.

But the currency pulled back Monday after the Bank of Canada released its summer business survey.

The survey, which was slightly more pessimistic that the bank's previous reading in April, showed executives at 100 Canadian corporations remained confident about future economic activity but were still cautious when it came to investment and hiring.

"The loonie is a perplexing quagmire for (bank governor Stephen) Poloz who has tried to talk down the value of the loonie," said Craig Jerusalim, a portfolio manager at CIBC. …

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