Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, May 12 The Canadian dollar gained ground against its US counterpart on Thursday, supported by higher crude futures and oil supply data.

US crude oil stockpiles moved down 3.4 million barrels last week, while production was also lower, which propped up the commodity-linked Canadian dollar.

At 8:38 a.m. CDT, the Canadian dollar was at US$0.7818 or C$1.2791 which compares with Wednesday’s North American close of US$0.7781, or C$1.2851.

New York Mercantile crude oil futures had gained US$0.30 to sit at US$46.53 a barrel, as of 8:38 CDT.

In Canadian domestic data, employers reported 353,000 job vacancies in the fourth quarter, and the job vacancy rate was 2.3 per cent, Statistics Canada said in a report on Thursday.

The TSX was stronger in early activity, up 69.78 points at 8:38
a.m. CDT to sit at 13,857.99.