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Canadian Dollar and Business Outlook

WINNIPEG, MB, Oct. 13, 2017 (CNS Canada), Oct 13, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar opened slightly higher Friday morning as oil prices rose.

At 9:07 CDT Friday morning the Canadian dollar was at US$0.8015 or C$1.2478 which compares with Thursday's North American close of US$0.8018 or C$1.2472.

Oil prices rose Friday morning to around US$51 per barrel, from Thursday's close of US$50.60. Over the last week oil rose 4.36 per cent. The price rose due to strong Chinese oil imports, unrest in Iraq, and possible United States action on the Iran nuclear deal.

The U.S. Dollar slipped Friday after data showed consumer prices rose less than expected in September, pointing towards muted inflation. The United States Labour Department said its Consumer Price Index jumped 0.5 per cent last month instead of the 0.6 per cent estimated by economists.

In the United States, Wall Street opened higher Friday. The Dow Jones added 39.46 points, or 0.17 per cent, to 22,880.47. The S&P rose 4.32 points, or 0.16 per cent, to 2,555.25. The Nasdaq gained 20.57 points, or 0.31 per cent, to 6,612.08.

The TSX/S&P Composite rose again at opening bell Friday morning. The S&P/TSX Composite is up by 51.02 points, or 0.31 per cent, to 15,790. Over the last week shares have gained 0.41 per cent and 3.31 per cent for the year so far.

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