Canadian dollar and business outlook

WINNIPEG, May 15 (MarketsFarm) The Canadian dollar was down slightly on Wednesday morning.

At 8:45 CDT Wednesday morning, the Canadian dollar was at US$0.7418 or C$1.3480, which compares with Tuesday’s North American close of US$0.7424 or C$1.3469.

United States stock futures were mixed after initial rallies on Tuesday, amid concerns of trade wars and general global economic slowdown.

“Trade is far and away the more dominant story right now, but sales should not go unnoticed ahead of Consumer Confidence reads later this week,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial, to Bloomberg.

“Many view retail as a key economic bellwether, and so weakness in the sector could give the bears more to sink their teeth into.”

Oil futures also fell following reports of increased U.S. stockpiles, which eased concerns of a tight supply.

West Texas International lost 50 cents to hit US$61.28 per barrel, and Brent Crude lost 26 cents to hit US$70.98.

The TSX gained at 8:45 CDT, up 91.12 points at 16,285.53. The S&P 500 Index gained by 22.54 points to hit 2,834.41. Conversely, the Dow Jones lost 168.25 to 25,363.80. The NASDAQ also lost 37.58 to hit 7,699.92.

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