By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The Canadian dollar was weaker Tuesday morning as activity resumed after Monday’s Canada Day holiday. Broad strength in the United States dollar internationally accounted for some of the relative weakness in the Canadian dollar as currency traders await comments from U.S. Federal Reserve Chair Jerome Powell later in the day.
At 8:51 a.m. CDT the Canadian dollar was trading at US$0.7291 or US$1=C$1.3716, which compares with Friday’s close of US$0.7306 or US$1=C$1.3687.
The S&P Global Canada Manufacturing Managers’ Index (PMI) was unchanged at 49.3 in June, marking the 14th straight month the indicator of manufacturing activity came in below the 50.0 no-change mark – which indicates a contraction.
Crude oil was slightly firmer on Tuesday, with West Texas Intermediate crude oil was up by 0.61 per cent at US$83.89 per barrel.
The TSX was stronger, gaining 46.92 points at 8:51 CDT to trade at 21,922.71 points.
