Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, June 30 (CNS Canada) The Canadian dollar weakened slightly against its US counterpart Thursday morning, falling with crude oil in the aftermath of Britain voting to leave the European Union (Brexit).

European stocks, the pound and the US dollar rose slightly on Thursday as the Brexit dust settles, working against the loonie.

The rebound was not enough to offset the sharp losses suffered in the aftermath of Brexit, which has put global stocks on track for their worst month since January.

The number of US citizens filing for unemployment benefits rose last week, according to reports, but remained below a level associated with a healthy labour market. A low level of layoffs also suggests an underlying strength in the labour market, even as hiring slowed.

At 8:56 CDT Thursday, the Canadian dollar was at US$0.7701 or US$=C$1.2985, which compares with Wednesday’s North American close of US$0.7707 or US$1=C$1.2975.

The TSX was down 64.72 points, or 0.48 per cent, at 8:56 CDT Thursday morning to sit at 13,972.02.