Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, Dec. 13 (CNS Canada) The Canadian dollar was firmer Wednesday morning, as gains in crude oil provided some underlying support.

At 8:57 CST Wednesday morning the Canadian dollar was at US$0.7778 or C$1.2857, which compares with Tuesday’s North American close of US$0.7769 or C$1.2871.

Tightening U.S. crude oil stocks accounted for some of the strength in oil that spilled into the energy-linked Canadian currency.

The U.S. Federal Reserve will make its latest interest rate announcement later in the day, and market participants generally expect the Fed to raise interest rates. That would weigh on the Canadian dollar as the Bank of Canada is thought to be holding steady for the time being.

The TSX was stronger at 8:57 CST, up 36.44 points at 16,150.47.

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