Canadian dollar and business outlook

Glacier FarmMedia | MarketsFarm — The Canadian dollar was slightly softer Thursday morning, with expectations for an interest rate cut from the Bank of Canada next week weighing on the currency.

At 8:34 a.m. CST the Canadian dollar was trading at US$0.6951 or US$1=C$1.4386 which compares with Wednesday’s close of US$0.6959 or US$1=C$1.4369.

Retail sales in Canada held relatively steady in November at C$67.6 billion, according to Statistics Canada data, but early indictors point to a 1.6 per cent increase in December.

Crude oil was firm, with West Texas Intermediate crude oil up by 0.17 per cent at US$75.57 per barrel.

The TSX was stronger, up 40.70 points at 8:34 CST to trade at 25,352.20.