By Commodity News Service Canada
Winnipeg, June 13 – The Canadian dollar was up sharply against
its American counterpart on Tuesday, taking strength from
indications the Bank of Canada could be considering a hike in the
overnight interest rate.
The last time the central bank raised the key rate was seven
years ago.
Trouble is brewing for Sears Canada. The company will cut 400
jobs as part of a restructuring plan aimed at turning its business
around. Sears also plans to close over 60 stores by the fall.
The cost of owning a new home is going up. According to the Canada
Mortgage and Housing Corporation, the averaged scheduled monthly
mortgage payment for new loans increased 4.6% in the fourth quarter
of 2016.
At 8:50 CDT Tuesday morning the Canadian dollar was at US$0.7551
or C$1.3243 which compares with Monday’s North American close of
US$0.7454 or C$1.3415.
At 8:50 CDT Tuesday morning, the TSX was down 11.61 points, or
0.08%, at 15,372.19.
