Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, March 18 (CNS Canada) The Canadian dollar was stronger Friday morning, as continued strength in crude oil provided support.

At 8:53 CDT Friday morning the Canadian dollar was at US$0.7717 or C$1.2958 which compares with Thursday’s North American close of US$0.7699 or C$1.2989.

Better-than-expected domestic retail sales data contributed to the early strength in the currency. Retail sales rose at a seasonally adjusted rate of 2.1% in January, reported Statistics Canada, that was in line with the revised December reading and well ahead of pre-report expectations for a 0.6% rise.

In other domestic data, Canada’s consumer price index was up by 1.4% on an annual basis in February, down from 2.0% in February. Core inflation was up by 1.9% year over year.

The TSX was weaker, down 12.82 points at 8:53 CDT to sit at 13,608.48.