Canadian dollar and business outlook

Glacier FarmMedia | MarketsFarm — The Canadian dollar was slightly firmer Monday morning, seeing a modest correction to start the week after falling to its weakest level in over four years relative to its United States counterpart on Friday.

At 8:55 a.m. CST the Canadian dollar was trading at US$0.7085 or US$1=C$1.4114 which compares with Friday’s close of US$0.7074 or US$1=C$1.4136.

Gains in crude oil were supportive for the energy-linked Canadian currency. Reports China would announce additional stimulus measures this week accounted for some of the strength in crude oil, with the latest unrest in Syria also underpinning energy markets. Syrian President Bashar al-Assad’s government was overthrown after nearly 14 years of civil war, with the leader reportedly having been granted asylum in Russia.

West Texas Intermediate crude oil up by 1.50 per cent at US$68.24 per barrel.

The TSX was firm, gaining 119.69 points at 8:55 CST to trade at 25,811.49.