Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, MB, September 7, 2016 (CNS Canada) The Canadian dollar strengthened against its US counterpart Wednesday morning, rising with crude oil prices.

Oil rose on Wednesday, making up for some of the previous day’s losses with the help of a weaker US dollar, which also gave an added boost to the loonie.

Wall Street opened little changed to slightly lower on Wednesday as investors still look for clues on the timing of the next interest rate hike.

A number of US Federal Reserve officials have hinted at a potential interest rate hike soon, however recent weak economic data suggests the US economy might not be ready, weighing on the greenback.

At 8:44 CDT Wednesday, the Canadian dollar was at US$0.7794 or US$=C$1.2830, which compares with Tuesday’s North American close of US$0.7784 or US$1=C$1.2847.

The TSX was down 15.86 points, or 0.11 per cent, at 8:44 CDT Wednesday morning to sit at 14,797.16.