Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, July 3 (MarketsFarm) The Canadian dollar was slightly stronger on Wednesday morning, following reports of a trade surplus during the month of May.

At 9:00 CDT, the Canadian dollar was at US$0.7646 or C$1.3078, which compares with Tuesday’s North American close of US$0.7625 or C$1.3114.

A recent report from Statistics Canada showed Canada posted a trade surplus in May thanks to a 4.6 per cent increase in exports. In particular, exports to the United States rose 3.7 per cent to a record C$39.3 billion, increasing Canada’s trade surplus with the U.S. to C$5.9 billion.

Oil prices have recovered after dropping by 1.2 per cent earlier in the week due to an announcement that OPEC and its allies will continue to cut oil supplies into 2020. Stronger prices are due to reports that U.S. inventories fell by nearly 5 million barrels last week. Brent Crude oil futures hovered around US$63 on Wednesday morning, up 91 cents. West Texas Intermediate prices were in the US$56 range, up 72 cents.

The TSX gained at 9:00 CDT, up 43.70 points at 16,514.31. The S&P 500 Index was up 7.50 points to hit 2,980.28. Similarly, the Dow Jones gained 50.38 points at 26,669.66. The NASDAQ also increased, up 19.33 to hit 8,128.68.

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