Canadian Financial Close: C$ firm Tuesday

Glacier FarmMedia | MarketsFarm — The Canadian dollar strengthened on Tuesday, as currency traders reacted to the new federal cabinet unveiled by Prime Minister Mark Carney.

The Canadian dollar settled at US$0.7159 or US$1=C$1.3969, which compares with Monday’s close of US$0.7144 or US$1=C$1.3998.

General weakness in the United States dollar internationally contributed to the relative strength in the Canadian currency. Consumer prices in the U.S. increased by 2.3 per cent on an annual basis in April, which was down from 2.4 per cent the previous month and short of trade expectations.

Crude oil was stronger, with West Texas crude oil up by 2.76 per cent at US$63.66 per barrel.

The TSX Composite Index was up by 84.68 points to close at 25,616.86 points.