Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, May 29 (MarketsFarm) – The Canadian dollar was holding steady Friday morning, as investors digested the country’s latest inflation data.
At 8:36 CDT Friday morning the Canadian dollar was at US$0.7262 or C$1.3770 which compares with Thursday’s North American close of US$0.7265 or C$1.376480.
Canada’s economy shrunk at an annualized rate of 8.2 per cent in the first quarter of 2020, which was the worst showing since 2009, according to Statistics Canada data. Pre-report expectations had called for a nine to 10 per cent drop.
Crude oil was weaker in early trade, losing about two per cent per barrel.
The TSX was down by 68.97 points at 8:36 CDT to trade at 15,193.76 points.

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