Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, January 17 The Canadian dollar was trading at a stronger level compared to the US dollar at 8:57 CST Thursday, lifted by strong crude oil prices, analysts said.

At 8:57 CST Thursday, the Canadian dollar was at US$1.0147 or US$=C$0.9855, which compares with Wednesday’s North American close of US$1.0141 or US$=C$0.9861.

Positive economic data from the US also helped the Canadian dollar move to higher ground. Home building in the country was higher in December compared to November and the amount of people filing for unemployment benefits fell to its lowest level in 5 years last week.

However, weak Canadian international transactions data limited the currency’s upside potential. Foreign investment in Canadian securities fell to C$5.6 billion in November, Statistics Canada said.

The TSX was up 12.11 points, or 0.10%, at 8:57 CST Thursday morning to sit at 12,620.93.