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Canadian Dollar And Business Outlook

| 1 min read

By Commodity News Service Canada

WINNIPEG, March 13 The Canadian dollar was trading at a slightly weaker level compared to its US counterpart at 8:59 CDT Wednesday, undermined by continued concerns about economic growth in the euro zone, analysts said.

At 8:59 CDT Wednesday, the Canadian dollar was at US$0.9741 or US$=C$1.0266, which compares with Tuesday’s North American close of US$0.9746 or US$=C$1.0261.

However, strong US retail sales data helped to limit the declines. US retail sales were up 1.1% in February, from a 0.1% increase in January, and beating expectations of a 0.5% jump.

Firmness seen in commodity markets, including crude oil and gold, also helped to slow the Canadian dollar’s decline, industry watchers said.

There was no significant Canadian economic data to report on Wednesday morning. Traders were looking ahead to Friday’s Canadian housing data.

The TSX was down 60.77 points, or 0.47%, at 8:59 CDT Wednesday morning to sit at 12,817.81.