Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, May 10 The Canadian dollar gained back ground against its US counterpart on Tuesday, supported by stronger crude oil prices.

Slightly stronger consumer price index data out of China was also supportive for commodity-linked currencies, like the loonie.

At 8:43 a.m. CDT, the Canadian dollar was at US$0.7733 or C$1.2932 which compares with Monday’s North American close of US$0.7714, or C$1.2963.

New York Mercantile crude oil futures had gained US$0.35 to sit at US$43.79 a barrel, as of 8:43 CDT.

In Canadian domestic data, public and private sector organizations anticipate spending C$241.6 billion on non-residential capital construction, machinery and equipment in 2016, down 4.4 per cent from 2015, the second consecutive decrease in annual spending, Statistics Canada said in a report on Tuesday.

The TSX was stronger in early activity, up 99.41 points at 8:43
a.m. CDT to sit at 13,663.25.