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Canadian dollar and business outlook

| 1 min read

Glacier FarmMedia | MarketsFarm — The Canadian dollar was stronger Wednesday morning, hitting its highest level in two weeks relative to its United States counterpart.

Growing ideas that the Bank of Canada will continue to pause cuts to interest rates in June contributed to the firmer tone in the loonie.

At 8:50 a.m. CDT the Canadian dollar was trading at US$0.7208 or US$1=C$1.3873 which compares with Tuesday’s close of US$0.7176 or US$1=C$1.3935.

The TSX was weaker in early activity, down 67.66 points at 8:50 CDT to trade at 25,987.97. The equity markets were following news out of the U.S. closely as lawmakers there debate a broad tax bill.

Crude oil was stronger amid talk Israel was considering military strikes against Iran. West Texas Intermediate crude oil was up by 0.85 per cent at US$62.56 per barrel.