Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, May 13 The Canadian dollar was moving higher against the US dollar Wednesday morning, following the gains seen in crude oil values, analysts said.

At 8:49 CDT Wednesday, the Canadian dollar was at US$0.8355 or US$=C$1.1969, which compares with Tuesday’s North American close of US$0.8321 or US$1=C$1.2018.

Disappointing US retail sales data was also behind the Canadian dollar’s advance. The US Commerce Department said retail sales were unchanged last month, while expectations called for a 0.3 per cent jump.

Strength in other commodities, including gold, was also supportive. Though, ongoing worries about slow economic growth in Canada limited the upside.

The TSX was up 31.72 points, or 0.21%, at 8:49 CDT Wednesday morning to sit at 15,074.87.