Canadian Dollar and Business Outlook

Posted

By Commodity News Service Canada


WINNIPEG, May 19 (CNS Canada) The Canadian dollar was stronger Friday morning, as gains in crude oil provided support.


At 9:41 CDT Friday morning the Canadian dollar was at US$0.7376 or C$1.3557 which compares with Thursday’s North American close of US$0.7347 or C$1.3611.


Oil prices were up amid ideas that OPEC would extend output cuts, which underpinned the energy-linked Canadian dollar.


General weakness in the US dollar was also supportive for the Canadian currency, as the latest turmoil in Donald Trump’s White House had investors showing some caution.


In domestic data, Canadian retail sales were up by 0.7 per cent in March, hitting C$48.3 billion, according to Statistics Canada.


Canada’s consumer price index was up by 1.6 per cent on an annual basis in April, according to StatsCan. Excluding energy and food, the CPI was up by 1.5 per cent, which compares with 1.7 per cent growth in March.


The TSX was stronger at 9:41 CDT, up 122.09 points at 15,399.29.