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Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, MB, May 8, 2018 (CNS Canada) – The Canadian dollar
was lower Tuesday, weighed down by a drop in the price of oil.

At 8:52 CDT Tuesday morning the Canadian dollar was at
US$0.7716 or C$1.2966, which compares with Monday’s North
American close of US$0.7774 or C$1.2864.

Oil prices retreated from their highest levels since 2014,
as people waited to hear whether or not United States President
Donald Trump will scrap an accord with Iran, a move that could

significantly impact the Organization of Petroleum Exporting
Countries’ crude exports. Brent crude dropped 64 cents to
US$75.53 per barrel.

Wall Street opened lower Tuesday, weighted by technology and
consumer discretionary stocks, while investors awaited Trump’s
decision on the Iran nuclear deal. The Dow Jones Industrial
Average dropped 15.97 points, or 0.07 per cent, to 24,341.35. The
S&P 500 fell 2.37 points, or 0.09 per cent, to 2,670.26. The
Nasdaq Composite lost 9.87 points, or 0.14 per cent, to 7,255.34.

The Toronto TSX/S&P Composite Index was little changed
Tuesday, as investors awaited Trump’s Iran decision. The TSX/S&P
gained 79.23 points, or 0.50 per cent, to 15,808.63.


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