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Canadian Dollar And Business Outlook

| 1 min read

By Commodity News Service Canada

WINNIPEG, May 7 The Canadian dollar was stronger against the US dollar at 8:59 CDT Tuesday, amid positive global economic news, analysts said.

At 8:59 CDT Tuesday, the Canadian dollar was at US$0.9952 or US$=C$1.0048, which compares with Monday’s North American close of US$0.9932 or US$=C$1.0068.

Positive economic news came from both Japan and Australia. Tokyo, Japan’s Nikkei index increased more than 3% on Tuesday, finishing at its highest level since 2008. The Reserve Bank of Australia announced it will cut its interest rate by a quarter percentage point.

However, some spill over pressure from weak commodity prices, including crude oil, gold and copper, limited the Canadian dollar’s upside potential.

There was no significant Canadian economic data to report Tuesday morning. Traders were looking ahead to Friday, when Statistics Canada will release its latest employment data.

The TSX was up 29.23 points, or 0.23%, at 8:59 CDT Tuesday morning to sit at 12,483.15.