WINNIPEG, June 25 (MarketsFarm) – The Canadian dollar was firm Tuesday morning, as solid wholesale trade data provided some support for the currency.
At 8:51 CDT Tuesday morning the Canadian dollar was at US$0.7595 or C$1.3167 which compares with Monday’s North American close of US$0.7579 or C$1.3194.
Canadian wholesale sales were up by 1.7 per cent in April, hitting C$65.3 billion, according to a report from Statistics Canada. The increase marked the fifth-straight month of gains.
Ideas that the U.S. Federal Reserve may be taking a more dovish stance on interest rates going forward also lent some relative strength to the Canadian currency. Fed Chair Jerome Powell is set to speak at the Council on Foreign Relations later in the day, and should provide some insight on the rate outlook.
The TSX was softer Tuesday morning, down 30.16 points at 8:51 CDT to sit at 16,493.31.