Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was weaker Friday morning, with broad strength in the United States currency globally behind some of the softness.

At 9:03 a.m. CDT the Canadian dollar was trading at US$0.7253 or US$1=C$1.3787, which compares with Thursday’s close of US$0.7275 or US$1=C$1.3746.

Manufacturing sales in Canada were up by 1.1 per cent in April, hitting C$70.8 billion, according to a report from Statistics Canada. The increase came after a 1.8 per cent decline the previous month.

StatCan also reported wholesale sales grew by 2.5 per cent in April, at C$83.3 billion, with increases in five of the seven subsectors. Sales were up by 3.4 per cent compared to the same month the previous year.

Crude oil was slightly firmer, with West Texas Intermediate crude oil was up by 0.34 per cent at US$78.89 per barrel.

The TSX was weaker, losing 129.90 points at 9:03 CDT to trade at 21,568.21 points.