Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, MB, August 3, 2016 (CNS Canada) The Canadian dollar strengthened slightly against its US counterpart Wednesday morning, edging higher with crude oil prices.

Investors still believe the crude oil market is oversupplied, despite expectations of a drop in US crude stockpiles.

The US Energy Information Administration is expected to announce on Wednesday a drawdown of 1.4 million barrels in crude inventories for the week ended July 29, supporting prices.

At 9:36 CDT Wednesday, the Canadian dollar was at US$0.7640 or US$=C$1.3089, which compares with Tuesday’s North American close of US$0.7632 or US$1=C$1.3103.

The TSX was down 1.86 points, or 0.1 per cent, at 9:36 CDT Wednesday morning to sit at 14,475.15.