Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly firmer Wednesday morning, finding support from ongoing gains in crude oil.

At 8:38 a.m. CDT the Canadian dollar was trading at US$0.7374 or US$1=C$1.3561, which compares with Tuesday’s close of US$0.7368 or US$1=C$1.3572.

A meeting of OPEC+ members ended without any changes to the organization’s current policies, with production cuts expected to continue through the second quarter. Global geopolitical tensions also continued to underpin the energy markets.

West Texas Intermediate crude oil was up by 0.67 per cent at US$85.72 per barrel.

The TSX was stronger, gaining 34.40 points at 8:38 CDT to trade at 22,109.50 points.