Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was softer Monday morning amid general global economic uncertainty.

At 8:45 a.m. CDT the Canadian dollar was trading at US$0.7319 or US$1=C$1.3663, which compares with Friday’s close of US$0.7338 or US$1=C$1.3628.

Canadian manufacturing sales rose by 0.4 per cent in May, hitting C$71.4 billion, according to a report from Statistics Canada. However, wholesale sales were down by 0.8 per cent, at C$82.2 billion, with the largest declines in the motor vehicle sector.

Chinese data showed the country’s economy grew by 4.7 per cent in the last quarter, which was down from the 5.3 per cent growth reported the previous quarter and below market expectations.

Crude oil was firmer Monday morning, with West Texas Intermediate crude oil up by 0.12 per cent at US$82.31 per barrel.

The TSX was steady at 22,673.90 points at 8:45 CDT.