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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Oct. 16 (MarketsFarm) – The Canadian dollar was slightly firmer Friday morning, seeing a modest correction after Thursday’s losses.
At 8:44 CDT Friday morning the Canadian dollar was at US$0.7568 or C$1.3214 which compares with Thursday’s North American close of US$0.7559 or C$1.3230.
News that drug giant Pfizer was close to applying for approval a COVID-19 vaccine in development brought a renewed sense of optimism to financial markets.
However, domestic economic data was somewhat disappointing, with manufacturing sales down 2.0 per cent in August after three months of gains, according to a report from Statistics Canada.
Crude oil was also weaker. West Texas Intermediate crude oil was down 1.3 per cent in early activity, at US$40.71 per barrel.
The TSX was up by 9.25 points at 8:44 CDT to trade at 16,510.28 points.

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