Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker Tuesday morning, with losses in crude oil accounting for some of the selling pressure in the energy-linked currency.

At 9:20 a.m. CDT the Canadian dollar was trading at US$0.7322 or US$1=C$1.3657, which compares with Monday’s close of US$0.7348 or US$1=C$1.3609.

Crude oil was seeing a correction after climbing higher over the past week amid mounting tensions in the Middle East. West Texas Intermediate crude oil was down by 4.10 per cent at US$73.98 per barrel.

Canada’s international trade deficit widened to C$1.1 billion in August, as imports increased by 0.3 per cent and exports fell by 1.0 per cent, Statistics Canada reported Tuesday.

The TSX was weaker, losing 96.70 points at 9:20 CDT to trade at 24,006.01.