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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, MB, May 23, 2017 (CNS Canada) – The Canadian dollar was stronger against its US counterpart on Tuesday.

The dollar was propped up by higher crude oil futures and strong domestic data.

Crude oil futures advanced on Tuesday, gathering support from reports that OPEC (Organization of the Petroleum Exporting Countries) producers will extend its production cap, which underpinned the commodity-linked loonie.

However, the market was also feeling a cap from ideas that the US may sell off its stockpiles.

At 8:50 CDT Tuesday, the Canadian dollar was at US$0.7427 or US$=C$1.3464, which compares with Friday’s North American close of US$0.7383 or US$1=C$1.3544.

Canadian markets were closed on Monday for the Victoria Day holiday.

In Canadian domestic data, wholesale sales rose 0.9 per cent in March and surpassed the C$60 billion mark for the first time, Statistics Canada said in a report on Tuesday.

The TSX was up 47.34 points at 8:50 CDT Tuesday morning to sit at 15,505.80

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