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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Jan. 17 (MarketsFarm) The Canadian dollar was slightly lower on Friday, due to comparable strength in the United States dollar.

At 9:00 CST, the Canadian dollar was at US$0.7662 or C$1.3051, which compares with Thursday’s North American close of US$0.7666 or C$1.3045.

Stocks were higher following reports detailing strong U.S. manufacturing output, indicating a positive economic sentiment. The 0.2 per cent monthly increase “signaled a pause in the manufacturing slump that began in 2019,” according to Bloomberg.

Oil prices were slightly higher following a Supreme Court of Canada ruling that limited British Columbia’s ability to regulate pipeline activity in the province. Brent Crude was up by 21 cents at US$64.83 per barrel, and West Texas Intermediate (WTI) was up by 19 cents at US$58.71 per barrel.

The TSX was higher at 9:00 CST, up by 54.87 points at 17,539.39. The S&P 500 Index was up 6.25 points to hit 3,322.94. The Dow Jones gained 167.73 points at 29,200.23. The NASDAQ also increased, up 11.16 to hit 9,368.23.


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