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Canadian Dollar And Business Outlook

| 1 min read

By Commodity News Service Canada

WINNIPEG, May 23 – The Canadian dollar was stronger Thursday morning, seeing a slight correction from Wednesday’s sharp declines.

At 9:25 CDT Thursday morning the Canadian dollar was at US$0.9672 or C$1.0339 which compares with Wednesday’s North American close of US$0.9641, or C$1.0372.

The firmer tone in the Canadian dollar was largely technical in nature, as investors were said to be booking profits on Wednesday’s large move that saw the currency lose a cent relative to its US counterpart.

Softer-than-expected Chinese manufacturing data did temper the recovery in the Canadian dollar. Global equity markets and crude oil were down in response to the data.

The TSX was weaker Thursday morning, down 129.48 points at 9:25 CDT to sit at 12,623.02.