Canadian dollar and business outlook

By MarketsFarm

Glacier FarmMedia | MarketsFarm — The Canadian dollar was softer Thursday morning, a day after the Bank of Canada cut interest rates by 50 basis points.

At 9:24 a.m. CST the Canadian dollar was trading at US$0.7050 or US$1=C$1.4184 which compares with Wednesday’s close of US$0.7065 or US$1=C$1.4154.

The total value of building permits issued in Canada dipped by 3.1 per cent in October compared to the previous month, coming in at C$12.6 billion, reported Statistics Canada.

Crude oil was softer Thursday morning, with West Texas Intermediate crude oil down by 1.24 per cent at US$69.42 per barrel.

The TSX was weaker, losing 198.38 points at 9:24 CST to trade at 25,459.32.