Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, May 27 – The Canadian dollar was lower against its American counterpart Friday morning, following declines in crude oil and gold.

Valeant Pharmaceuticals International Inc.(VRX) is reportedly the target of a fresh takeover offer from a group in Japan.

Canadian grocer Loblaw Cos. (L.T) said it is considering selling its 212 retail gas stations across Canada, according to a report.

Later this afternoon, many market-watchers will be keeping an eye on today’s question and answer session by Federal Reserve Chair Janet Yellen at Harvard University.

At 8:55 CDT, the loonie was down 0.0045 of a cent to US$0.7661 or US$1=C$1.3053, which compares with Thursday’s close of US$0.7710 or US$1=C$1.2970.

At 8:55 a.m., New York Mercantile crude oil futures (June contract) had declined US$0.71 to sit at US$48.73 a barrel. The June gold contract fell $4.20 to sit at US$1,218.50 an ounce.

At 8:55 CDT Friday morning, the TSX was up 24.92 points to 14,073.86.