Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, July 7 (CNS Canada) The Canadian dollar strengthened against its US counterpart Thursday morning, supported by higher oil prices.

Global markets were more optimistic Thursday morning on favourable US economic data, supporting views that the US could weather the Brexit storm.

The ADP National Employment Report showed private employers in the US hired 172,000 workers in June, beating market expectations for a 159,000 gain.

Separate reports from the US Labour Department said unemployment benefit claims declined by 16,000 to a seasonally adjusted 254,000 for the week ending July 2.

At 8:50 CDT Thursday, the Canadian dollar was at US$0.7751 or US$=C$1.2902, which compares with Wednesday’s North American close of US$0.7717 or US$1=C$1.2959.

The TSX was down 16.60 points, or 0.12 per cent, at 8:50 CDT Thursday morning to sit at 14214.46.