The business outlook survey which was released earlier today pointed to a renewed positive sentiment amongst investors, who expect the business conditions in the country to improve over the following months.
“Results from the summer Business Outlook Survey point to a slight improvement in business sentiment after a moderation in the previous survey. Investment and hiring intentions continue to be healthy.” [source]
The findings of the survey support the economic prospects in the country, as firms are expected to invest more and hire more people over the next period, which is going to stimulate the economic growth rate.
The Canadian dollar continued to gain strength against its American counterpart as the USDCAD pair extended its losses for the fifth consecutive day following the release of the report. The currency pair has already depreciated with more than 2.00% since mid-June and with the addition of today's losses looks set to break below the major support level of 1.30989, which was has been holding firm since early November 2018.
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