Canadian Dollar and Business Outlook
By Commodity News Service Canada
WINNIPEG, April 20 (CNS Canada) – The Canadian dollar was slightly weaker Wednesday morning, seeing some consolidation after rallying to fresh nine-month highs on Tuesday.
At 8:59 CDT Wednesday morning the Canadian dollar was at US$0.7890 or C$1.2674 which compares with Tuesday’s North American close of US$0.7899 or C$1.2660.
Losses in crude oil, as oil workers in Kuwait ended a three-day strike, accounted for some of the spillover weakness in the energy-linked Canadian dollar.
Domestic economic data was also somewhat soft, with Canada’s wholesale trade declining by 2.2% in February. The downturn in trade came after three straight months of gains.
The TSX was steady, up 0.84 points at 8:59 CDT to sit at 13,868.12.