Canadian Financial Close: C$ firm Thursday

Glacier FarmMedia | MarketsFarm — The Canadian dollar was firmer on Thursday, as broad strength in global equity markets lent some support.

The Canadian dollar was trading at US$0.7222 or US$1=C$1.3847 late Thursday, which compares with Wednesday’s close of US$0.7209 or US$1=C$1.3871.

Canada’s economy saw muted growth in the first three months of the year, according to a report from the Canadian Federation of Independent Business, that predicts a significant contraction for the second quarter. The report estimated the country’s economy grew at an annualized rate of 0.8 per cent in the first quarter of the year but forecasts a 5.6 per cent contraction in the second quarter.

Crude oil was firm, with West Texas crude oil up by 0.75 per cent at US$62.74 per barrel.

The TSX Composite Index gained 254.85 points to close at 24,727.53 points.