Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Feb. 22 (MarketsFarm) – The Canadian dollar was slightly softer Monday morning, backing away from the near-three-year highs relative to its United States counterpart hit on Friday.
At 8:43 CST Monday morning the Canadian dollar was at US$0.7910 or US$1=C$1.2642 which compares with Friday’s North American close of US$0.7928 or US$1=C$1.2614.
A ‘risk-off’ sentiment in world financial markets contributed to the softer tone in the Canadian dollar, as investors moved funds into safe-havens like bonds and the U.S. dollar.
However, gains in crude oil provided some support for the energy-linked currency. West Texas Intermediate crude oil was up by 2.1 per cent, at US$60.50 per barrel.
The TSX was down by 41.54 points at 8:43 CST to trade at 18,342.73 points.


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