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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, May 26 (MarketsFarm) – The Canadian dollar was up sharply Tuesday morning, hitting its strongest level in two months relative to its United States counterpart.
At 8:53 CDT Tuesday morning the Canadian dollar was at US$0.7235 or C$1.3822 which compares with Monday’s North American close of US$0.7151 or C$1.3984.
Optimism over easing COVID-19 social distancing measures and gains in crude oil contributed to the strength in the currency.
West Texas Intermediate was up by about 3.5 per cent, to trade at US$34.50 per barrel in early activity.
Net farm income in Canada was up for the first time in three years in 2019, rising 10.4 per cent to hit C$4.9 billion, according to a report from Statistics Canada. Higher cannabis and livestock receipts, together with increased program payments, offset rising operating expenses. However, on a provincial basis, while Alberta reported an increase in net income on the year, Saskatchewan and Manitoba saw losses.
The TSX was up by 81.22 points at 8:53 CDT to trade at 15,156.64 points.

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