Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, April 27 The Canadian dollar strengthened against its US counterpart on Wednesday, as crude oil futures touched a yearly high in early activity.

At 8:38 a.m. CDT, the Canadian dollar was at US$0.7946 or C$1.2585 which compares with Tuesday’s North American close of US$0.7923, or C$1.2621.

New York Mercantile crude oil futures had gained US$0.83 to sit at US$44.87 a barrel, as of 8:38 CDT, supported by a weaker US dollar and the expectation of lower production.

There was no significant economic data released by Statistics Canada on Wednesday.

The TSX was stronger in early activity, up 39.41 points at 8:38 a.m. CDT to sit at 13,848.85.