Canadian dollar and business outlook

WINNIPEG, Aug. 13 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning, as global economic tensions saw international investors backing away from riskier assets in favour of the United States currency.
At 8:53 CDT Tuesday morning the Canadian dollar was at US$0.7536 or C$1.3270 which compares with Monday’s North American close of US$0.7556 or C$1.3234.
Demonstrations in Hong Kong shut down the city’s airport for the second day, contributing to the ‘risk-off’ sentiment in the financial markets.
A sharp drop in Argentina’s peso following an unexpected result in the country’s primary election added to the general uncertainty weighing on the Canadian dollar. Centre-left opposition leader Alberto Fernández took 47.4 per cent of the primary vote, which compares with the 32.3 per cent received by current centre-right president, Mauricio Macri.
Crude oil was weaker in early trade, with West Texas Intermediate trading at just under S$55 per barrel.
The TSX was firmer Tuesday morning, up 60.32 points at 8:53 CDT to sit at 16,298.09.

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