Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly weaker Wednesday morning as losses in crude oil weighed on the energy-linked currency. The United States Federals Open Market Committee will release the minutes of its May meeting later in the day, which should provide some insight on the U.S. Federal Reserve’s monetary policy.

At 8:33 a.m. CDT the Canadian dollar was trading at US$0.7313 or US$1=C$1.3674, which compares with Tuesday’s close of US$0.7327 or US$1=C$1.3649.

Crude oil was softer in early activity, with West Texas Intermediate crude oil down by 0.95 per cent at US$77.91 per barrel.

The TSX was weaker, down 100.09 points at 8:35 CDT to trade at 22,368.07 points.