Canadian dollar and business outlook

WINNIPEG, Aug. 14 (MarketsFarm) – The Canadian dollar was slightly weaker Friday morning, as the currency backed away from the six-month highs relative to its United States counterpart hit earlier in the week.
At 8:43 CDT Friday morning the Canadian dollar was at US$0.7552 or C$1.3242 which compares with Thursday’s North American close of US$0.7566 or C$1.3217.
Canadian manufacturing sales were up by a record 20.7 per cent in June, hitting C$48.7 billion, according to a report from Statistics Canada. The sharp increase, after posting 11.6 per cent growth the previous month, came as production resumed and manufacturers increased their capacity after the pandemic slowdown earlier in the year.
U.S. retail sales data failed to live up to expectations, with sales only up 1.2 per cent in July after rising 8.4 per cent the previous month.
Crude oil was slightly weaker in early trade, with West Texas Intermediate down 0.45 per cent at US$42.05 per barrel.
The TSX was down by 62.69 points at 8:43 CDT to trade at 16,467.37 points.


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