Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was softer Thursday morning, as general strength in the United States dollar internationally weighed on the currency.

At 8:51 a.m. CST the Canadian dollar was trading at US$0.7447 or US$1=C$1.3428, which compares with Wednesday’s close of US$0.7464 or US$1=C$1.3397.

The U.S. Federal Reserve left interest rates unchanged on Wednesday as had been expected, but the accompanying statement was deemed as hawkish as it dismissed the likelihood of a rate cut any time soon.

Crude oil was stronger in early activity, with West Texas Intermediate crude oil up by 1.31 per cent at US$76.84 per barrel.

The TSX was posting solid gains, rising 146.38 points at 8:51 CST to trade at 21,168.26 points.