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Canadian Dollar and Business Outlook

WINNIPEG, MB, March 8, 2018 (CNS Canada), Mar 08, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar was higher Thursday morning after news Canada could possibly receive an exemption from the United States' proposed steel and aluminum tariffs.

At 8:50 CST Thursday morning the Canadian dollar was at US$0.7757 or C$1.2888, which compares with Wednesday's North American close of US$0.7724 or C$1.2947.

A White House official said Wednesday night, United States President Donald Trump plans to offer Canada and Mexico a 30-day exemption from planned tariffs on steel and aluminum imports, which could be extended based on progress in North American Free Trade Agreement talks.

Oil prices held steady Thursday but were set to slip over the week for the second time in a row against a backdrop of rising United States crude production and an increase in inventories. Brent crude was down 19 cents to US$64.15 per barrel.

Wall Street opened higher Thursday as fears of a global trade war eased following news Trump could be giving exemptions on steel and aluminum tariffs to key trading partners. The Dow Jones Industrial Average gained 53.09 points, or 0.21 per cent, to 24,854.45. The S&P 500 added 5.52 points, or 0.20 per cent, to 2,732.32. The Nasdaq Composite rose 24.92 points, or 0.34 per cent, to 7,421.57.

The Toronto TSX/S&P Composite Index opened higher Thursday after news Canada might receive an exemption from tariffs. The TSX/S&P rose 39.52 points, or 0.26 per cent, to 15,511.08, shortly after open.

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