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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Aug. 11 (MarketsFarm) – The Canadian dollar was stronger Tuesday morning, moving back above 75 U.S. cents.
At 8:54 CDT Tuesday morning the Canadian dollar was at US$0.7520 or C$1.3298 which compares with Monday’s North American close of US$0.7488 or C$1.3354.
Optimism over economic stimulus measures in the United States accounted for some of the strength in energy markets, which underpinned the Canadian currency.
Solid domestic housing data was also supportive, as the Canada Mortgage and Housing Corp reported that the annual pace of housing starts was up by nearly 16 per cent in July compared to the previous month.
West Texas Intermediate was up 1.8 per cent at US$42.70 per barrel.
The TSX was down by 4.73 points at 8:54 CDT to trade at 16,600.77 points.

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