Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Canadian and U.S. dollars. (Ryan Remiorz/The Canadian Press)
Canadian and U.S. dollars. (Ryan Remiorz/The Canadian Press)

Loonie ends higher on U.S. debt deal Add to ...

The Canadian dollar closed higher Wednesday after American lawmakers reached a deal to raise the debt limit and reopen a partly shut down U.S. government.

The loonie gained 0.43 of a cent to 96.77 cents (U.S.).

The agreement Senate Majority Leader Harry Reid hammered out with Senate Minority Leader Mitch McConnell would see the U.S. Treasury have authority to continue borrowing through Feb. 7 and for the government to reopen through Jan. 15.

More Related to this Story

The deal was reached just hours before an Oct. 17 deadline when the U.S. government would lose its ability to borrow and would be required to meet its obligations by relying on cash in hand and incoming tax receipts.

The Senate and the House of Representatives are to vote on the measure late Wednesday. That, in turn, would allow President Barack Obama to sign the bill into law ahead of the Thursday deadline that Treasury Secretary Jacob Lew had set for action to raise the $16.7-trillion debt limit.

On the economic front, data showed a drop in manufacturing shipments.

Statistics Canada reported manufacturing sales edged down 0.2 per cent to $49.5-billion (Canadian) in August, following three months of gains. The showing was essentially in line with economists’ forecasts.

Commodities were mixed with the November crude contract on the New York Mercantile Exchange shaking off early losses to move up $1.08 (U.S.) to $102.29 a barrel.

December copper on the Nymex was unchanged at $3.31 a pound while December gold bullion in New York rose $9.10 to $1,282.30 an ounce.

Follow us on Twitter: @GlobeBusiness

 
  • CADUSD-FX
  • CL-FT
  • GC-FT
  • HG-FT
Live Discussion of CADUSD on StockTwits
More Discussion on CADUSD-FX
Live Discussion of CL on StockTwits
More Discussion on CL-FT
Live Discussion of GC on StockTwits
More Discussion on GC-FT
Live Discussion of HG on StockTwits
More Discussion on HG-FT

More Related to this Story

Topics:

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories