Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was firmer Tuesday morning, trading near its highest level in two weeks relative to its United States counterpart with positioning ahead of key economic data out later in the week a feature.

At 8:45 a.m. CST the Canadian dollar was trading at US$0.7447 or US$1=C$1.3428, which compares with Monday’s close of US$0.7439 or US$1=C$1.3442.

Canadian gross domestic product data will be released on Wednesday, with the United States Federal Reserve also releasing its latest monetary policy decision that day.

Talk that Hamas was considering a temporary truce with Israel kept some caution in the crude oil market, amid the ongoing Middle East tensions. West Texas Intermediate crude oil was up by 0.21 per cent at US$76.94 per barrel.

The TSX was weaker in early trade, losing 45.71 points at 8:45 CST, trading at 21,158 points.