Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, June 17 (MarketsFarm) – The Canadian dollar was weaker Thursday morning, pressured by broad strength in the United States dollar internationally.
At 8:54 a.m. CDT Thursday morning, the Canadian dollar was at US$0.8126 or US$1=C$1.2307 which compares with Wednesday’s North American close of US$0.8203 or US$1=C$1.2191.
The U.S. Federal Reserve took a more hawkish stance on future interest rate hikes in their policy announcement on Wednesday, indicating that rates could rise sooner than earlier thought as the country recovers from the pandemic.
In domestic data, Canadians receiving regular employment benefits was up by 9.8 per cent in April, hitting 1.6 million, according to the latest Labour Force Survey from Statistics Canada. Pandemic public health measures were tightened in a number of provinces during the month.
Crude oil was holding steady in early activity, with West Texas Intermediate crude oil unchanged at US$72.15 per barrel.
The TSX was also holding steady, down only 1.05 points at 8:54 CDT, trading at 20,229.91 points.


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