Canadian Financial Close: C$ softer with crude oil

Glacier FarmMedia — The Canadian dollar was slightly softer on Thursday, with losses in crude oil behind some of the weakness.

The Canadian dollar settled at US$0.7151 or US$1=C$1.3985, which compares with Wednesday’s close of US$0.7161 or US$1=C$1.3964.

Canadian manufacturing sales were down 1.4 per cent in March at C$71.9 billion, reported Statistics Canada. Sales were down for the second consecutive month, with declines in 13 of 21 subsectors. Meanwhile, wholesale sales in the country (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) were up 0.2 per cent at C$86.5 billion.

Crude oil was pressured lower by the possibility of the U.S. reaching a nuclear deal with Iran. West Texas crude oil was down by 2.17 per cent at US$61.78 per barrel.

The TSX Composite Index was up by 205.03 points to close at 25,897.48 points.