Glacier FarmMedia — The Canadian dollar was softer Thursday morning, as the United States currency saw some strength internationally.
Talk that U.S. President Donald Trump was set to fire Federal Reserve Chair Jerome Powell had roiled currency markets on Wednesday, but Trump later walked back those comments.
At 9:28 a.m. CDT the Canadian dollar was trading at US$0.7268 or US$1=C$1.3759 which compares with Wednesday’s close of US$0.7293 or US$1=C$1.3712.
Canada’s economy saw a net outflow of C$16.2 billion in May, as Canadian investors acquired C$13.4 billion of foreign securities during the month and foreign investors reduced their Canadian holdings by C$2.8 billion, reported Statistics Canada. that marked the fourth consecutive month of net outflows.
Crude oil was firm in early trade, with West Texas Intermediate up 0.36 per cent at US$66.62 per barrel.
The TSX was stronger, gaining 98.35 points at 9:28 CDT to trade at 27,251.32.
