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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, May 28 (MarketsFarm) – The Canadian dollar was holding relatively steady Thursday morning, seeing some consolidation after strengthening in recent sessions.
At 8:53 CDT Thursday morning the Canadian dollar was at US$0.7254 or C$1.3785 which compares with Wednesday’s North American close of US$0.7257 or C$1.3780.
Canada’s current account deficit widened to C$11.1 billion in the first quarter of 2020, an increase of C$1.8 billion from the previous quarter, according to data from Statistics Canada.
Soft Canadian banking data put some pressure on the currency, with TD Bank reported a 52 per cent drop in profits and CIBC showing a 71 per cent reduction, as both saw a surge in loan-loss provisions.
Crude oil was slightly weaker in early trade, losing about 0.50 per cent per barrel.
The TSX was down by 18.01 points at 8:54 CDT to trade at 15,254.02 points.

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