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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Aug. 12 (MarketsFarm) – The Canadian dollar was stronger Wednesday morning, as gains in crude oil provided some support for the energy-linked currency.
At 8:58 CDT Wednesday morning the Canadian dollar was at US$0.7536 or C$1.3266 which compares with Tuesday’s North American close of US$0.7524 or C$1.3291.
Crude oil was underpinned amid expectations for a decline in stockpiles in the United States in data due out later in the morning. Demand is also thought to be increasing as economies slowly reopen.
West Texas Intermediate was up 1.9 per cent at US$42.41 per barrel.
The TSX was up by 151.97 points at 8:58 CDT to trade at 16,648.98 points.

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