Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, May 11 The Canadian dollar gained ground against its US counterpart on Wednesday, supported by slight gains in crude oil and ahead of US crude inventory data.

US crude supply data is expected to be released later on Wednesday. Some advance estimates say there could be a surplus reduction, while others expect an increase.

At 8:40 a.m. CDT, the Canadian dollar was at US$0.7760 or C$1.2886 which compares with Tuesday’s North American close of US$0.7742, or C$1.2916.

New York Mercantile crude oil futures had gained US$0.14 to sit at US$44.80 a barrel, as of 8:40 CDT.

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

The TSX was stronger in early activity, up 20.03 points at 8:40
a.m. CDT to sit at 13,795.22.