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Canadian dollar and business outlook

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Glacier FarmMedia | MarketsFarm — The Canadian dollar was slightly softer Thursday morning, backing away from the two-week highs relative to its United States counterpart hit on Wednesday.

At 8:37 a.m. CDT the Canadian dollar was trading at US$0.7203 or US$1=C$1.3883 which compares with Wednesday’s close of US$0.7221 or US$1=C$1.3848.

Statistics Canada reported the country’s Industrial Product Price Index declined 0.8 per cent in April compared to the previous month but was up 2.0 per cent annually. The Raw Materials Price Index was down 3.0 per on the month and 3.6 per cent on the year.

The TSX weakened in early activity, losing 43.45 points at 8:37 CDT to trade at 25,795.72.

Crude oil was also lower, with West Texas Intermediate down 1.41 per cent at US$60.70 per barrel.