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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Jan. 16 (MarketsFarm) The Canadian dollar was slightly stronger on Thursday, gaining residual strength from increased crude oil values.

At 8:30 CST, the Canadian dollar was at US$0.7665 or C$1.3046, which compares with Wednesday’s North American close of US$0.7663 or C$1.3062.

Stocks were stronger following the trade agreement that was signed yesterday between China and the United States. While some particulars of the deal have been published, many remain confidential. It remains unclear how the U.S. will enforce the agreement, ensuring China will follow through on ambitious promises.

Oil prices recovered slightly after hitting six-week lows due to global economic optimism sparked by the signed trade agreement. Brent Crude was up by 13 cents at US$64.36 per barrel, and West Texas Intermediate (WTI) was up by 20 cents at US$58.03 per barrel.

The TSX was higher at 8:40 CST, up by 39.08 points at 17,454.22. The S&P 500 Index was up 17.24 points to hit 3,306.57. The Dow Jones gained 167.73 points at 29,200.23. The NASDAQ also increased, up 61.24 to hit 9,319.58.

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Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

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