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Canadian Dollar and Business Outlook

WINNIPEG, MB, April 17, 2018 (CNS Canada), Apr 17, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar was slightly firmer Tuesday morning, supported by gains in the stock market and price of oil.

At 8:42 CDT Tuesday morning the Canadian dollar was at US$0.7958 or C$1.2563, which compares with Monday's North American close of US$0.7950 or C$1.2579.

Gold rallied last week over heightened tensions between the United States and Syria, but couldn't hold onto gains this week. Spot gold fell 0.3 per cent to US$1,342.77 an ounce, while U.S. gold futures dropped 0.5 per cent to US$1,344.40.

Oil prices edged up on Tuesday, supported by growing concern from investors' over potential disruptions to crude supply from the Middle East. Brent crude rose four cents US$71.46 per barrel.

Wall Street opened higher Tuesday, as strong earnings from Netflix, Goldman Sachs and health majors boosted optimism over what is expected to be the strongest earnings season in seven years. The Dow Jones Industrial Average added 108.75 points, or 0.44 per cent, to 24,681.79. The S&P 500 gained 14.90 points, or 0.56 per cent, to 2,692.74. The Nasdaq Composite rose 58.83 points, or 0.82 per cent, to 7,215.12.

The Toronto TSX/S&P Composite Index opened higher Tuesday, supported by stronger-than-expected domestic manufacturing data and financial stocks gaining a day ahead of an expected increase in interest rates. The TSX/S&P rose 33.8 points, or 0.22 per cent, to 15,334.18.

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