Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, May 2 – The Canadian dollar was slightly firmer Thursday morning, as better-than-expected trade data helped underpin the currency.

At 9:37 CDT Tuesday morning the Canadian dollar was at US$0.9929 or C$1.0072 which compares with Wednesday’s North American close of US$0.9920, or C$1.0081.

Canada’s balance of trade shifted from a net deficit of C$1.2 billion in February to a surplus of C$24 million in March, Statistics Canada reported. The trade surplus was the first in a year and was driven primarily by a sharp increase in exports.

A firmer tone in crude oil and other commodities, including gold, contributed to the strength in the Canadian dollar.

The TSX was weaker Thursday morning, down 7.65 points at 9:37 CDT to sit at 12,313.64.