Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, June 9 (CNS Canada) The Canadian dollar weakened against its US counterpart Thursday morning, taking a dip due to a more than one per cent decline in oil prices.

Supply outages in Canada and Nigeria had been supporting oil prices, but traders took profits after three sessions of gains, which also weighed on the energy-linked Canadian dollar.

A strengthened US dollar index after recent weakness also weighed heavy on the loonie.

At 9:11 CDT Thursday, the Canadian dollar was at US$0.7848 or US$=C$1.2742, which compares with Wednesday’s North American close of US$0.7876 or US$1=C$1.2742.

The TSX was down 87.51 points, or 0.61 per cent, at 9:11 CDT Thursday morning to sit at 14,225.59.