Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, March 17 (CNS Canada) – The Canadian dollar was stronger Thursday morning, as currency markets continued to react to Wednesday’s US Federal Reserve meeting.

At 9:06 CDT Thursday morning the Canadian dollar was at US$0.7677 or C$1.3026 which compares with Wednesday’s North American close of US$0.7621 or C$1.3122.

The US Federal Reserve kept interest rates unchanged on Wednesday, and also lowered its forecasts for further rate increases. Rather than increasing four times over the next year, the Fed is now only calling for two increases.

Gains in crude oil were also supportive for the energy-linked Canadian currency.

The TSX was stronger, up 36.49 points at 9:06 CDT to sit at 13,514.62.