Canadian dollar jumps on Potash bidding war speculations

The Canadian dollar soared by over US1¢ on Tuesday.The news Potash Corp. of Saskatchewan has emerged as a target of an unsolicited US$38.6-billion takeover, raising the spectre of a bidding war and the need of foreigners to acquire more dollars.

The press release is quoted as saying:

U.S. industrial production grew month-over-month 1% in July – surpassing market expectations for a 0.5% increase and up 7.7% from the same-year ago month. This should allay fears the U.S. manufacturing sector is headed back into recession, said Paul Ashworth of Capital Economics.

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