Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was holding steady Thursday morning in thin pre-holiday trade.

At 8:41 a.m. CST Thursday morning the Canadian dollar was trading at US$0.7501 or US$1=C$1.3332, which compares with Wednesday’s close of US$0.7501 or US$1=C$1.3331.

Retail sales in Canada rose 0.7 per cent in October hitting C$66.9 billion, according to a report from Statistics Canada. Sales were up in seven of nine subsectors, led by a 1.1 per cent increase at motor vehicle and parts dealers. Early estimates for November suggest that sales held steady during the month.

Crude oil was weaker, taking back some of its recent gains, with West Texas Intermediate crude oil down by 1.55 per cent at US$73.07 per barrel.

The TSX was stronger in early trade, gaining 190.86 points at 8:41 CST, trading at 20,791.67 points.