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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, March 7 – The Canadian dollar was mostly steady against its US counterpart in early activity on Tuesday.

The loonie was underpinned by advances in the crude oil market, but that strength was tempered by gains in the US dollar.

Anticipation that the US Federal Reserve will raise interest rates next week lent support to the greenback.

At 9:15 CST Tuesday, the Canadian dollar was at US$0.7455 or US$=C$1.3414, which compares with Monday’s North American close of US$0.7460 or US$1=C$1.3404.

In Canadian domestic data, the country’s merchandise trade balance with the world posted a third consecutive monthly surplus, widening from C$447 million in December to C$807 million in January, Statistics Canada said in a report on Tuesday.

The TSX was down 2.93 points at 9:15 CST Tuesday morning to sit at 15,626.82.

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