By MarketsFarm
WINNIPEG, July 21 (MarketsFarm) – The Canadian dollar was stronger on Tuesday morning, edging above 74 United States cents.
At 8:50 CDT Tuesday morning the Canadian dollar was at US$0.7431 or US$1=C$1.3457, which compares with Monday’s North American close of US$0.7367 or US$1=C$1.3574.
Positive economic data was one driver of the Canadian dollar. Statistics Canada has reported retail sales rose nearly 19 per cent in May, fuelled mainly by motor vehicle sales.
The TSX was up by 127.76 points at 8:55 CDT to trade at 16,311.17 points.
Crude oil prices were stronger on Tuesday morning, which also helped the Canadian dollar. West Texas Intermediate (WTI) was up US$1.35 at US$42.16 per barrel. Brent Crude was down by US$1.32 to trade at US$44.60.
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