By MarketsFarm
WINNIPEG, May 27 (MarketsFarm) – The Canadian dollar was slightly firmer Wednesday morning, seeing some follow-through strength after Tuesday’s rally.
At 8:37 CDT Wednesday morning the Canadian dollar was at US$0.7263 or C$1.3768 which compares with Tuesday’s North American close of US$0.7244 or C$1.3804.
Increasing optimism over easing COVID-19 restrictions gave world equity markets a boost yesterday, and that buying interest continued on Wednesday. It also encouraged currency traders to back away from the safe-haven United States dollar and invest in more riskier currencies, such as the Canadian dollar.
Better-than-expected home sales data out of the U.S. Wednesday morning put additional pressure on the U.S. dollar.
Crude oil was slightly weaker in early trade, losing about 2 per cent per barrel, which put some pressure on the energy-linked Canadian dollar.
The TSX was up by 50.40 points at 8:37 CDT to trade at 15,198.52 points.
