Canadian dollar and business outlook

WINNIPEG, July 15 (MarketsFarm) – The Canadian dollar was stronger Wednesday morning, as renewed optimism over a possible coronavirus vaccine boosted world equity markets and led to an increased appetite for risk.
At 8:26 CDT Wednesday morning the Canadian dollar was at US$0.7367 or C$1.3574 which compares with Tuesday’s North American close of US$0.7344 or C$1.3616.
Canadian manufacturing sales were up by 10.7 per cent in May, hitting C$40.2 billion, according to a report from Statistics Canada. The strength came as manufacturers started to resume operations after a record 27.9 per cent drop the previous month.
The Bank of Canada releases its latest interest rate announcement later in the morning, and market participants generally expect the key overnight rate will be left unchanged at 0.25 per cent. The accompanying statement will be followed closely for signs of future moves and the Bank’s thoughts on economic recovery.
Crude oil was slightly weaker, with West Texas Intermediate down about 12 cents at US$40.17 per barrel.
The TSX was up by 269.04 points at 8:26 CDT to trade at 15,908.45 points.

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