Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly weaker Thursday morning, as sluggish economic data out of the United States weighed on world equity markets and had investors backing away from riskier assets.

At 8:56 a.m. CDT the Canadian dollar was trading at US$0.7284 or US$1=C$1.3729, which compares with Wednesday’s close of US$0.7294 or US$1=C$1.3709.

Economic growth in the U.S. slowed to an annual pace of 1.6 per cent in the last quarter, according to a report from the Commerce Department. That compares with the 3.4 per cent rise in the gross domestic product reported the previous quarter.

Crude oil was holding relatively steady, with West Texas Intermediate crude oil down by 0.10 per cent at US$82.73 per barrel.

The TSX was weaker, losing 208.16 points at 8:56 CDT to trade at 21,665.56 points.