Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Aug. 24 (MarketsFarm) – The Canadian dollar was stronger Tuesday morning, seeing a continuation of Monday’s sharp rise relative to its United States counterpart.
At 8:54 a.m. CDT Tuesday morning, the Canadian dollar was at US$0.7914 or US$1=C$1.2636 which compares with Monday’s North American close of US$0.7885 or US$1=C$1.2682.
Broad weakness in the U.S. dollar internationally accounted for much of the relative strength in the Canadian currency, with strength in crude oil also supportive.
West Texas Intermediate crude oil was up by 1.7 per cent at US$66.69 per barrel.
The TSX was stronger, up 48.41 points at 8:54 CDT, trading at 20,525.67 points.

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