Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was stronger Wednesday morning, with strength in global equity markets pointing to an increased appetite for risk.

At 8:43 a.m. CDT the Canadian dollar was trading at US$0.7322 or US$1=C$1.3657, which compares with Tuesday’s close of US$0.7301 or US$1=C$1.3697.

Canadian international trade data showed a 2.6 cent decline in exports in May while imports dipped by 1.6 per cent. That resulted in a widening of the country’s trade deficit to C$1.9 billion, from C$1.3 billion in April, according to a report from Statistics Canada.

Crude oil was slightly firmer Wednesday morning, with West Texas Intermediate crude oil was up by 0.08 per cent at US$82.88 per barrel.

The TSX was stronger, gaining 173.64 points at 8:43 CDT to trade at 22,127.44 points.