By Commodity News Service Canada
WINNIPEG, May 5 (CNS Canada) – The Canadian dollar was stronger Thursday morning, as a rally in crude oil provided some support.
At 8:50 CDT Thursday morning the Canadian dollar was at US$0.7789 or C$1.2839 which compares with Wednesday’s North American close of US$0.7770 or C$1.2870.
Crude oil was up by over two dollars per barrel Thursday morning, which underpinned the energy-linked Canadian dollar.
However, the rally in crude oil was tied in part to the fires in Canada’s oil sands region, and the likely bearish influence on the country’s economy limited the upside in the currency.
In domestic data, the total value of building permits issued by Canadian municipalities was down seven per cent to C$6.9 billion in March, marking the second decline in three months, according to Statistics Canada.
The TSX was stronger, up 62.71 points at 8:50 CDT to sit at 13,694.71.
