Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly softer Monday morning as investors adjusted positions ahead of inflation data from the United States due out later in the week.

At 9:20 a.m. CDT the Canadian dollar was trading at US$0.7277 or US$1=C$1.3742, which compares with Friday’s close of US$0.7282 or US$1=C$1.3732.

Canada issued C$9.9 billion worth of building permits in June, which was down by 13.9 per cent from the previous month, according to a report from Statistics Canada.

Crude oil was stronger in early activity, with West Texas Intermediate crude oil up by 1.46 per cent at US$77.96 per barrel.

The TSX gained 53.31 points to hit 22,364.61 at 9:20 CDT.