Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, May 22 (MarketsFarm) – The Canadian dollar was lower on Friday morning, after making steady gains for most of the week.

     At 8:30 CDT Friday morning the Canadian dollar was at US$0.7126 or C$1.4033, which compares with Thursday’s North American close of US$0.7176 or C$1.3935.

According to a recent report from Statistics Canada, retail sales in Canada dropped by 10 per cent in March. That’s the largest monthly drop on record, but April is expected to beat that record.

Benchmark crude oil indices were slightly weaker, giving back gains from earlier in the week. West Texas Intermediate (WTI) was down by 96 cents at US$32.96 per barrel. Brent Crude was down by US$1.09 at US$34.97 per barrel.

The TSX was down by 21.27 points at 8:40 CDT to trade at 14,856.93 points.

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