Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, April 12 (CNS Canada) – The Canadian dollar was stronger Tuesday morning, as continued strength in crude oil provided spillover support.

At 8:50 CDT Tuesday morning the Canadian dollar was at US$0.7763 or C$1.2882 which compares with Monday’s North American close of US$0.7753 or C$1.2899.

Chart-based activity contributed to the strength in the Canadian dollar, as values moved through some nearby technical levels.

There were no significant domestic economic releases Tuesday morning. The Bank of Canada is set to make its latest interest rate announcement on Wednesday. While market participants are not anticipating any changes, the accompanying statement will be watched closely for signs of future moves.

The TSX was stronger, up 33.67 points at 8:50 CDT to sit at 13,456.53.