Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, April 19 – The Canadian dollar was stronger Tuesday morning, rising to fresh nine-month highs relative to its US counterpart as advances in crude oil provided support.

At 8:56 CDT Tuesday morning the Canadian dollar was at US$0.7889 or C$1.2676 which compares with Monday’s North American close of US$0.7814 or C$1.2797.

A strike by oil workers in Kuwait has cut production in the country in half, which was boosting energy prices and commodity-linked currencies – such as the Canadian dollar.

Ideas that China’s economy was showing signs of stabilizing were also circulating the financial markets today.

There were no significant domestic economic releases.

The TSX was stronger, up 31.67 points at 8:58 CDT to sit at 13,751.49.