Canadian dollar and business outlook
By Phil Franz-Warkentin, MarketsFarm
Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly softer Thursday morning, as currency traders continued to parse Wednesday’s comments from the United States Federal Reserve.
At 8:47 a.m. CDT the Canadian dollar was trading at US$0.7280 or US$1=C$1.3736, which compares with Wednesday’s close of US$0.7299 or US$1=C$1.3700.
The Fed left interest rates unchanged on Wednesday, as widely anticipated, with the accompanying statement forecasting only one cut in 2024 which compares with earlier calls for at least three cuts.
Crude oil was slightly firmer, as rising U.S. stockpiles were countered by expectations for increasing demand. West Texas Intermediate crude oil was up by 0.32 per cent at US$78.75 per barrel.
The TSX was weaker, losing 136.95 points at 8:47 CDT to trade at 21,824.60 points.